Despite ongoing accumulation by whale addresses, Bitcoin ownership is not as concentrated as advertised. Four Bitcoin ETFs are expected to reach the $6.7 trillion US ETF market in less than four weeks, according to analysts.
Bitcoin’s end-of-year forecasts, according to on-chain analysts, are extremely bullish in the ongoing bull run. When comparing the current Bitcoin bull run to the 2017 surge, the institutional investment appears to rise. Institutional investors are moving their Bitcoin holdings away from exchanges.
William Clemente, the originator of the “Bitcoin supply shock” story and an on-chain expert, has projected that the price of Bitcoin will be favorable by the end of the year. Clemente anticipates a short-term drop before BTC continues its upward trend.
Clemente claims that whales have begun to book profits and that speculators or highly liquid entities (traders known to sell their Bitcoin holdings in a short period) are purchasing BTC. Market capitalization is vulnerable, and this could change in the coming weeks.
Even though statistics show that Bitcoin gets extremely concentrated in ownership, proponents say that not all BTC addresses should get treated similarly.
BTC is held in wallets by exchanges and institutions for their clients, and considering these addresses as whale addresses results in a distorted result. As a result, Bitcoin ownership is not as concentrated as most altcoins, despite consistent accumulation by large wallet investors and illiquid BTC holders.
A cryptocurrency analyst, Daniel Joe, recently tweeted on whale Bitcoin accumulation, noting that there get no sign of whale exit liquidity.
Several Bitcoin ETF ideas get now reviewed by the Securities and Exchange Commission (SEC) in the United States. Candidates have submitted petitions under the Investment Company Act of 1940 to assure the best possible financial stability by holding Cryptocurrencies instead of investments.
The approval of a Bitcoin ETF component adds BTC to the $6.7 trillion US ETF market, strengthening the stock’s year-end bull market story.
At the end of the current price spike, Kevin Svenson, a bitcoin price consultant, and YouTuber has established a market estimate for Bitcoin of $350,000.
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