Bitcoin ecosystem has seen a marked increase in interest, especially among the more prominent large wallet addresses. Recent data from IntoTheBlock reveals that addresses holding at least 0.1% of Bitcoin’s total supply have amassed an impressive additional $1.5B in BTC over a fortnight. 

Addresses holding 0.1% of the Bitcoin supply or more have added over $1.5B in BTC holdings in the last two weeks. pic.twitter.com/MrHKLXO9qx

— IntoTheBlock (@intotheblock) September 1, 2023

This uptick in accumulation notably follows the buzz surrounding the potential introduction of a spot Bitcoin ETF in the US.

Spotlight on the ETF Drama

Grayscale, a crypto asset management firm, recently emerged victorious in a legal tussle against the US SEC. A U.S. judge championed their cause, instructing the Securities and Exchange Commission to reverse its previous stand on Grayscale’s proposal to convert its GBTC into a spot Bitcoin ETF. As a market barometer, Bitcoin resonated with this win as its price surged by over $2,000, marking a two-week high slightly above $28,000.

Yet, while the crypto community was gearing up for celebrations, hoping for the ETF’s approval, the SEC threw a curveball. The regulator opted for a conservative stance, deferring the verdict on all active bitcoin ETF applications, including one from the financial titan BlackRock.

IntoTheBlock’s analytics suggest that the $30,000 mark is pivotal for Bitcoin. A staggering 6.2 million wallets have acquired approximately 2.6 million BTC within this price bracket. 

Bitcoin is back in the spotlight as Greyscale emerges victorious from its SEC lawsuit. The next milestone? $30k. Our on-chain data reveals that 6.2M addresses acquired ~2.6M $BTC between the current price and $30k. These ‘bubbles’ are significant & could burst two ways:

Bearish… pic.twitter.com/EF2cJtjRx4

— IntoTheBlock (@intotheblock) August 31, 2023

Depending on market sentiment, these could induce an upward push in price or initiate a cascade of sales. If a spot Bitcoin ETF gets the green light in the future, a bullish price surge toward the $30,000 mark seems plausible.

Ethereum Whales Make Waves

Nevertheless, it’s not just the Bitcoin ocean where whales make waves. Ethereum has seen a noteworthy rise in its long-term holders, overshadowing Bitcoin. On-chain metrics from IntoTheBlock spotlight Ethereum’s 73.5 million long-term aficionados, dwarfing Bitcoin’s 33.61 million, per FXStreet.

Today, according to CoinMarketCap, Bitcoin price trades at $25,644.44 with a 24-hour trading volume of $17.3B. Even with a slight dip of 2.50% in the past day, its dominant position remains unchallenged, with a market cap nearing the half-trillion-dollar mark.

While Bitcoin continues its dance with regulators and market speculators, the more significant narrative might be the shifting dynamics of whale behaviors, especially with Ethereum slowly capturing the limelight.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.