After the SEC approved eleven spot Bitcoin ETFs on January 10th, Bitcoin faced selling pressure, leading to a 20% price drop, with its value retracting to $38,500 earlier this week. Despite ongoing selling pressure, Bitcoin whales are treating each dip as a buying opportunity.
Crypto analyst Ali Martinez reports a surprising trend among Bitcoin whales who continue to accumulate BTC amidst the market correction. Martinez highlights the significant 3% increase in the number of large Bitcoin players, with 46 new whales holding at least 1,000 BTC each, emerging over the past two weeks.
Martinez draws parallels between past Bitcoin bull runs, particularly between 2015-2018 and 2018-2022, suggesting that if current market patterns reflect past models, the next market peak for Bitcoin could be around October 2025, indicating a potential 600-day bullish momentum ahead for BTC.
Meanwhile, the U.S. spot Bitcoin ETFs, notably BlackRock’s IBIT, have seen substantial interest, amassing about $4.2 billion shortly after launch. Rachel Aguirre from BlackRock highlighted the success of IBIT ETF, with a significant trading volume increase to $3 billion in the first two weeks, indicating strong investor appetite for crypto-related investment products and suggesting that the ETF launch could be foundational for a long-term BTC price rally.
The analysis and interest in ETFs demonstrate the resilience and strategic moves of Bitcoin whales during market uncertainties and the growing mainstream acceptance and investment in Bitcoin through ETFs.
