Bitcoin Whales Are Making Waves Again. Accumulation Underway

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BTC/USD Smashes Major Hurdle. The Battle for the Next Barrier Begins.

As per insights coming from crypto analytics firm Santiment, large Bitcoin holders, known as whales and sharks, holding between 10 and 10,000 BTC, have significantly increased their holdings this year, capitalizing on the downward market trend.

Per Santiment’s data, these Bitcoin elites now control around 13.03 million BTC, which is roughly 66% of the circulating Bitcoin supply. This accumulation is a sign that whales are anticipating a potential price rally. On top of this, Santiment also highlighted an uptick in Tether accumulations by its whales. The sum exceeds 15,030 million USDT – the peak in the past six weeks.

Usually, when these major players accumulate both Bitcoin and Tether, a price increase soon follows. It’s definitely not a sure-fire thing but it’s something to take into consideration.

The massive accumulation process may be a result of the surge in applications submitted to the U.S. SEC for Bitcoin Spot ETFs. The push for a Bitcoin Spot ETF gained momentum this year, especially after the global asset management giant, BlackRock, applied for one.

While the SEC has expressed reservations about giving the green light, earlier this week, former SEC head, Jay Clayton, discussed the shifting regulatory scene for Bitcoin.

On CNBC’s ‘Squawk Box’ he highlighted that both the CFTC and SEC have designated Bitcoin as a commodity. Moreover, he observed the significant advancements in the Bitcoin spot market in recent years, suggesting that a U.S. spot Bitcoin ETF approval is on the cards. He went as far as calling such an approval “inevitable”.

Martin Bednall, once with BlackRock and now leading Jacobi Asset Management, believes the SEC might simultaneously approve all spot Bitcoin ETF applications. In a panel talk at the CCData Digital Asset Summit earlier in the week, Bednall mentioned that such concurrent approvals would be a major boost for the cryptocurrency sector.

Similarly, Steven Schoenfeld, who leads VanEck-owned MarketVector Indexes, aligned with Bednall’s perspective in their panel discussion. He expressed confidence in the SEC sanctioning all Bitcoin ETF requests at the same time, hinting that these green lights could be given sooner than many anticipate.

Chart Analysis – BTC/USD

The bulls managed to move the pair above a major resistance zone created by the 50-day Moving Average, the long-term bearish trend line (drawn from this year’s high), and the horizontal level at $27,000.

The break of this confluence zone is crucial for mid-term movement because it shows increased bullish pressure. Oftentimes, after a break of a strong barrier, the price continues to travel in the direction of the break.

The bulls have tried several times before to break the barrier but couldn’t maintain the pair above it. This time, it looks like a true break but of course, Bitcoin bulls are facing the next hurdle, which has already rejected price: $28,500. Keep an eye on today’s U.S. labor data, especially the Non-Farm Payrolls (NFP), which will heavily affect the U.S. dollar.