News

Whale Accumulation and ETF Activity Signal Mixed Sentiment In Bitcoin Market

As Bitcoin continues its tight range between $61,000 and $64,000, significant movements have been observed among large whale wallets in the past 24 hours.

These wallets, holding between 1,000 and 10,000 BTC each, have collectively accumulated approximately $941 million worth of coins. 

This marks a rebound to their highest holding level in the past two weeks, indicating a potential bullish sentiment among these larger investors.

In terms of ETF activity, the net inflow for Bitcoin ETFs on May 8, 2024, totaled $11.5 million. Interestingly, the majority of US Bitcoin ETFs, numbering nine out of ten, showed no significant flows, including the well-known Grayscale ETF, GBTC. However, the net inflow was driven by Bitwise ETF, BITB, which single-handedly contributed to the positive figure.

Related Post

Bitcoin ETFs Net Inflow Remains Stagnant 

Despite the return to positive territory, the overall net inflow for Bitcoin ETFs has shown a stagnant trend over the past two days. This suggests a cautious approach among investors, perhaps due to the current price consolidation of Bitcoin within a relatively narrow range.

Overall, these movements in both whale wallet accumulation and ETF activity provide insights into the current sentiment surrounding Bitcoin. While whales are accumulating at higher levels, indicating confidence in the long-term potential of the asset, ETF activity reflects a more measured approach, with investors potentially awaiting further price clarity before committing significant funds.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: gulzarkarimn/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Ripple (XRP) Confirms Launch of RLUSD On Ethereum, ETH Tokens Eye Major Recovery

Crypto solutions provider Ripple (XRP) recently announced that it has launched its new stablecoin, RLUSD,…

3 hours ago

Influencer Support Catapults BlockDAG To A $52.5M Presale, Outperforming Shiba Inu And BNB Chain

While Shiba Inu intrigues the market with optimistic price forecasts and BNB Chain debuts its…

3 hours ago

DOT Drops Below $6 As Google Search “AI” Reaches 5-Year Peak! What’s In Store For Fetch.ai and Raboo?

The top crypto coins are in a fix on how to deal with Bitcoin's decline,…

11 hours ago

Bitcoin Eyes $70K Amid Market Shifts, Solana Faces 45-Day Low, Furrever Token’s Adorable Gains – Can It Keep Up?

As the cryptocurrency market experiences significant fluctuations, three notable digital assets—Bitcoin, Solana, and Furrever Token—are…

12 hours ago

DEGEN Ranks No.2 In Memecoin Metrics Despite Notable Value Decline

DEGEN has recently achieved an impressive ranking, securing the #2 spot across various on-chain metrics…

12 hours ago

Address 0x846…f82D7 Realizes $2.25 Million Profit From $RNDR Amid Growing Holder Base

Address 0x846...f82D7 is suspected to have successfully cleared its 640,000 $RNDR coins acquired five months…

13 hours ago