U.Today – Many analysts are focusing on the bearish decline in the market, which has failed to break through the $62,000 resistance level in recent times. However, several whales in the market are taking advantage of the market decline to accumulate money in the digital currency. At the time of writing, the price of Bitcoin is changing hands at $61,207.22, up 0.31% in 24 hours. This discount has served as an important entry point for long-term buyers.
Building on this, data from crypto analytics platform IntoTheBlock shows that despite market FUD, net inflows into the largest Bitcoin wallets reached their highest level since late May to set a new all-time high. The platform hinted that wallet addresses holding no less than 0.1% of the total Bitcoin supply have added 7,130 Bitcoin units.
This huge BTC was valued at approximately $436 million and marks the whale volume for June 24 alone. This ongoing acquisition of Bitcoin by a large whale constitutes a much-needed vote of confidence for the digital currency. With this backing from large whales, price resilience is formed and could help trigger a rally in the asset's price.
The Bitcoin ETF spot market also presents itself as a major dormant helix for the BTC price. So far this month, there has been a steady outflow of funds from these spot Bitcoin ETFs, driven by the exodus of capital from Grayscale and Fidelity Investments, among others.
While Bitcoin determines the overall direction of the crypto industry, its current resilience could be complemented if the spot ETF obtains S-1 approval in the near term. VanEck has already filed Form 8-A regarding its ETH ETF product, implying that SEC approval for commercialization is now one step closer.
Since the approval of the Ethereum spot ETF in May triggered a market rally, there is an expectation that the news of the trading approval could generate a similar result.
This article was originally published on U.Today.
