According to a recent tweet analytics analysis by on-chain knowledge company Sentiment, there’s a good probability that this month will see more price growth for Bitcoin, probably followed by altcoins. The primary driver of this possible increase is the continuous acquisition of Bitcoin by significant cryptocurrency investors, like whales and sharks, who have been actively purchasing the leading virtual currency over the past few weeks.
A “Huge Chunk” of BTC is being gathered by sharks.
What may be the cause of this prospective price increase for Bitcoin? Everything revolves around the behavior of serious cryptocurrency investors, also known as “whales” and “sharks” in polite company. According to Sentiment’s analysis, cryptocurrency whales and sharks have been looking to buy Bitcoin for the past two weeks. These highly skilled players bought a “huge chunk” of Bitcoin as news of the Bitcoin ETF refiling backed by sizable institutions like Constancy spread. They surprisingly spent 154,500 BTC over the course of seven weeks.
Key Holders’ prevailing position
At the moment, 13 million Bitcoins, or roughly 67% of the supply in circulation, are held in wallets containing between 10 and 10,000 BTC. It’s important to remember that the total supply of Bitcoin is limited to 21 million, with over 19 million having already been mined.
Additionally, recent transactions tracked by Whale Alert show that anonymous wallets moved about 21,700 BTC from the Coinbase exchange to cold wallets. These trades totaled $314,678,605 and $345,262,395 in total value, respectively.
Examination of Bitcoin ETF Filings by the SEC
It’s important to keep in mind, though, that the U.S. Securities and Alternate Fee (SEC) has deemed the current registrations for spot Bitcoin ETFs to be “insufficient.” According to the Wall Street Journal, this indicates that the filings are not thorough or easily readable. As a result of the SEC’s review of those documents, Bitcoin’s value has decreased slightly, falling by 1.07% over the past 24 hours.
As July approaches in the cryptocurrency market, all eyes are on Bitcoin and its possible value trajectory. Sentiment’s observations on the accumulation of Bitcoin by influential and whale investors, together with the dominance of important holders globally, indicate out the possibility of further value development. Nevertheless, the market is uncertain due to the SEC’s review of Bitcoin ETF filings. Both buyers and supporters are still eager to see how these factors will develop and impact Bitcoin’s course during the month.
