As an experienced financial analyst, I find the recent accumulation of Bitcoin by large whales and institutional investors to be a significant development in the cryptocurrency market. The data from CryptoQuant indicating that over 47,000 Bitcoins have been accumulated in the past day, worth approximately $2.9 billion, is a clear sign of growing confidence and interest in Bitcoin among large players.
Approximately 47,000 Bitcoins, valued at approximately $2.9 billion, have been amassed by significant Bitcoin investors, commonly referred to as “whales,” in the past day based on information provided by the on-chain analysis company, CryptoQuant.
The data posted by Ki Young Ju, the founder and CEO of the company on microblogging platform X (previously known as Twitter), indicates an unprecedented increase in cryptocurrency balances held by major investors or “whales” during the previous 24-hour period. According to Ki Young Ju’s statement, we are now entering a new era due to this development.
#Bitcoin whales accumulated 47K $BTC in the past 24 hours. We’re entering a new era. — Ki Young Ju (@ki_young_ju) May 3, 2024
After a recent price decrease, Bitcoin’s value dropped from above $60,000 to nearly $57,000 before bouncing back. Over the past day, Bitcoin has experienced a significant rise of over 4.5%, causing its current trading price to be around $61,700.
According to CryptoGlobe’s report, some institutions could be purchasing Bitcoin at its current lower price. For instance, BNP Paribas, Europe‘s second-largest bank with over $600 billion in assets under management through its asset management division, has acquired Bitcoin exposure via a Bitcoin spot exchange-traded fund.
Based on a recent filing with the U.S. Securities and Exchange Commission (SEC), it’s been revealed that the bank has acquired shares of BlackRock’s iShares Bitcoin Trust (IBIT). This information was initially shared by Bitcoin Magazine.
As a financial analyst, I can tell you that institutional investors with assets exceeding $100 million are obligated to report their holdings on a quarterly basis through 13F filings. With the recent introduction of successful spot Bitcoin exchange-traded funds in the United States, these disclosures have gained significant attention from industry observers.
Significantly, an executive at BlackRock has disclosed that sovereign wealth funds are considering investing in Bitcoin via the iShares Bitcoin Trust (IBIT) ETF, potentially making trades within the coming months.
Making an investment in digital assets would represent a marked shift in perspective for such entities. Notable foreign wealth funds, including Kuwait’s Investment Authority (KIA) and Norway’s massive $1.6 trillion fund, could create noticeable waves in the market with cautious investments.
Read More
- ZRO PREDICTION. ZRO cryptocurrency
- Girls Frontline 2: Exilium Reroll Guide
- How I Attended An All-Guy’s Mixer Episode 12: Release Date, Where To Stream, Expected Plot And More
- GBP CAD PREDICTION
- SHIB PREDICTION. SHIB cryptocurrency
- FIL PREDICTION. FIL cryptocurrency
- FLOW PREDICTION. FLOW cryptocurrency
- BLUR PREDICTION. BLUR cryptocurrency
- GLMR PREDICTION. GLMR cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
2024-05-04 03:19