- Bitcoin whale addresses have increased to over 2,000.
- BTC is approaching the $70,000 price range.
bitcoin approval [BTC] U.S. spot ETFs elicited mixed reactions across a variety of metrics.
One such indicator shows that whale accumulation has increased as prices soar to all-time highs. How much did their holdings earn over the past few months?
Bitcoin Whales Show Excitement for ETFs
An analysis of whale addresses holding more than 1,000 Bitcoins revealed a significant increase following the approval of spot ETFs in January.
The graph shows that the number of addresses has increased from about 1,800 to more than 2,000.
Source: Santiment
Despite a slight decline in recent weeks, the number remains above the 2,000 threshold. The balances in these addresses surged by more than 220,000 BTC, which is equivalent to about $14 billion.
This suggests that the spot ETF approval spurred increased activity among whales, with more addresses accumulating additional BTC.
Bitcoin whales remain in profit zone
The assets these whales accumulated in the months following ETF approval have proven profitable. We analyzed Bitcoin’s 90-day Market Value to Realized Value Ratio (MVRV) and found it to be over 0.
Source: Santiment
MVRV then spiked to more than 35% in March, but has since declined significantly.
As of this writing, MVRV has decreased to approximately 13.24%, returning to pre-approval territory. This decline is due to the recent price decline observed in BTC.
However, despite this decline, the current state of MVRV suggests that whales purchased during this period are still profitable.
BTC approaches $70,000
AMBCrypto’s analysis of Bitcoin price trends on daily timeframe charts reveals a significant rise post-approval, reaching new highs.
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However, prices have been subdued in recent weeks, falling below the established benchmark of more than $70,000. Despite the drop, the price range remained around $70,000.
At the time of this writing, BTC was trading at over $69,000. Furthermore, the Relative Strength Index (RSI) was above 50, indicating a bullish trend.
Source: TradingView
