U.Today – According to a recent tweet posted by cryptocurrency analyst and trader Ali Martinez, large holders known in the cryptocurrency community as whales have decided to take advantage of the current BTC drop.
In the last 24 hours, the world's flagship cryptocurrency plummeted 4.20%, going from $69,920 to a price of $66,980. However, the rally that followed saw it rise 1.70%. At the time of writing, digital gold is changing hands at $68,180 on the Bitstamp exchange.
It was when Bitcoin fell below the $67,000 level that the whales decided to buy the dip and took up to 20,000 BTC. This amount of the leading digital currency is valued at a staggering $1.34 billion in fiat currency.
The Bitcoin price drop coincided with the approval of spot ETFs issued by the Securities and Exchange Commission on Thursday. These Ethereum exchange-traded funds were approved half a year after the Bitcoin spot ETFs (they received the green light from the regulator in January).
However, experts believe that market demand for Ethereum ETFs will not be as strong as that of the Bitcoin exchange-traded product.
This article was originally published on U.Today.
