Bitcoin sharks and whales continue to exhibit strong confidence in the market, accumulating an additional 71,000 BTC in the past three weeks.
Despite the relatively dull price action and sideways trading of Bitcoin, addresses holding 10 to 10,000 BTC have been actively adding to their holdings.
This accumulation, amounting to $2.15 billion, highlights the ongoing bullish sentiment among large Bitcoin holders.
According to on-chain analytics firm Santiment, Bitcoin’s sharks and whales show no signs of slowing down their accumulation efforts.
Despite the “boring” price range of $30k to $31k, these addresses have accumulated an impressive 71,000 BTC since June 17.
This significant influx of funds indicates their unwavering confidence in the future prospects of the leading cryptocurrency.
Glassnode, another prominent on-chain analytics firm, also provides insights into the current market dynamics. Following the announcement of the BlackRock Bitcoin ETF request on June 15, there has been a noticeable increase in the share of Bitcoin supply held and traded by U.S. entities.
This shift in supply dominance suggests a potential inflection point, with U.S. entities exerting more influence on the market.
Bitcoin experienced a surge to a new yearly high of $31,525 in the previous week, fueled by positive developments in the traditional financial sector.
Several financial giants sought regulatory approval to launch spot exchange-traded funds (ETFs) for Bitcoin in the United States, generating optimism among investors.
BlackRock, for instance, filed paperwork with the SEC on June 16 to introduce a spot Bitcoin ETF. This wave of interest contributed to Bitcoin’s 80% price increase this year, starting at approximately $16,500.
Following its peak at $31,525, Bitcoin entered a smaller trading range, fluctuating within a $1,500 margin. Glassnode’s analysis indicates that the Bitcoin spot price has been oscillating between the retracement levels of -50% at $34,300 and -61.8% at $26,200, defining a localized trading range.