New data from market intelligence firm IntoTheBlock shows that deep-pocketed crypto investors have amassed tens of billions of dollars worth of Bitcoin since the launch of BTC Exchange Traded Funds (ETFs) in January.
In a new article, IntoTheBlock say that the top crypto assets, as measured by the era of institutional adoption by market cap, have arrived, as crypto whales have gobbled up nearly $16.8 billion worth of BTC since the U.S. Securities and Exchange Commission (SEC) spot marketed BTC ETFs earlier this year approved.
“For years, the crypto industry has rallied behind the message of ‘institutions are coming.’ After the launch of the spot BTC ETFs on the New York Stock Exchange, it is quite clear that institutions have arrived.”
According to the analysis platform, the amount of BTC held by whales has returned to the level before the crypto exchange FTX collapsed. However, IntoTheBlock says that this time around, traditional financial firms have stepped into the role that crypto asset managers filled.
“The amount of Bitcoin held by addresses holding more than 1,000 BTC (‘whales’) has increased by 250,000 BTC since the launch of the ETFs.
The total amount of Bitcoin held by whale addresses in total is now back near pre-collapse levels of the FTX. However, the types of entities within this category have changed dramatically, with previous industry giants such as Genesis, FTX and 3AC (Three Arrows Capital) being wiped out during the 2022 bear market.
Now traditional financial institutions have stepped in and have since accumulated significant amounts of Bitcoin. Many expected hedge funds to buy Bitcoin ETFs, and this week it was revealed that this was indeed the case, with institutions like Millenium Management buying as much as $2 billion.”
The crypto king is trading at $66,635 at the time of writing, up fractionally over the past 24 hours.
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Generated image: Midjourney