- The number of Bitcoin whale addresses has increased to over 2,000.
- BTC is approaching the $70,000 price zone.
The approval of Bitcoin [BTC] The spot ETF in the United States elicited different reactions on various metrics.
One of these metrics suggested that whale holdings were increasing as prices rose to all-time highs. How profitable have your holdings been in recent months?
Bitcoin whales show ETF excitement
An analysis of whale addresses holding 1,000 or more Bitcoin showed a significant increase following the spot ETF approval in January.
The graphic showed an increase in the number of addresses from around 1,800 to over 2,000.
Source: Santiment
Despite a slight decline in recent weeks, the number remained above the 2,000 threshold. The balance held by these addresses increased by over 220,000 BTC, equivalent to approximately $14 billion.
This suggests that the spot ETF approval has led to increased activity among whales as more of these addresses accumulate additional BTC.
Bitcoin Whale remains in profit
The assets accumulated by these whales in the months following ETF approval have proven profitable. Analysis of Bitcoin's 90-day market value to realized value (MVRV) ratio showed that it was above 0.
Source: Santiment
MVRV subsequently rose to over 35% in March before a significant decline.
At the time of writing, the MVRV had fallen to around 13.24%, back to the range it was in before the approval. This decline is due to the recent decline in the price of BTC.
However, despite this decline, the current level of MVRV suggests that whales that bought during this period are still making profits.
BTC is approaching $70,000
AMBCrypto's analysis of Bitcoin price action on a daily timeframe chart revealed a significant increase following the approvals, reaching new highs.
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However, the price has weakened in recent weeks and has fallen below the set threshold of over $70,000. Despite the decline, it remained close to the $70,000 price zone.
At the time of writing, BTC was trading above $69,000. Furthermore, it was in an uptrend, which can be seen by the fact that its Relative Strength Index (RSI) was above 50.
Source: TradingView
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