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More whales are buying Bitcoin prior to the potential launch of physically-backed ETFs

According to Santiment, the number of Bitcoin whales increased significantly before the price rallied back to the previous ATH level. More than 250 whales have appeared on the network since September 11. At the time of writing, BTC is changing hands at $60,722.

more-traders-and-institutions-are-buying-bitcoin-prior-to-the-potential-launch-of-etfs

BTC/USD 4-hour chart | Source: TradingView

Bitcoin whales buying activity on rising with 254 new whales entering market

Whales are addresses that own between 100 and 1,000 BTC. The increase in the number of Bitcoin whales also entails an increasing flow of exchange money. While traders and investors move funds away from exchanges, they have no choice but to keep them in their wallets, so the network is getting more and more new asset holders.

“The number of Bitcoin addresses holding between 100 to 1,000 BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short period”, Santiment stated.

more-whales-are-buying-bitcoin-prior-to-the-potential-launch-of-physically-backed-etfs

Source: Santiment/Twitter

On the other hand, the growing number of BTC holders can be tied to a rapid and significant increase in the market capitalization of Bitcoin. The current price action is followed by 40% growth, attracting both institutional and retail investors.

In addition to the growing popularity of cryptocurrencies among the general public, the news of the upcoming ETF approval is a robust risk-taking signal for institutional investors. The market could witness a substantial inflow of money as soon as the physically backed ETFs are approved.

According to Santiment data, most whales held through the previous market correction, and only a handful of large holders had to exit their funds. The increase in the number of whales today is considered to be rapid compared to other periods.

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