In a recently published tweet, on-chain data company Santiment has shared that there are chances that Bitcoin will show a further price rise this month, and altcoins may follow it up. The reason that can make this possible is that key crypto holders need to keep buying the flagship digital currency, BTC.
Crypto whales and sharks keep accumulating BTC
The Santiment team tweeted that over the past two weeks and as the news of the Bitcoin ETF refilings led by Fidelity emerged, cryptocurrency whales and sharks have accumulated a "big chunk" of Bitcoin. Over the past seven weeks, Santiment says, they have bought 154,500 BTC collectively.
Now, wallets holding between 10 and 10,000 BTC hold 13 million Bitcoins — that is 67% of the supply in circulation. There are only 21 million BTC that can be extracted and more than 19 million have already been mined by now.
🐳 #Bitcoin's whale & shark addresses have continued to accumulate, with a big chunk of $BTC buying coming in the past 2 weeks as news of #ETF launches came out. As long as key stakeholders continue buying, further #crypto rises can be justified in July. https://t.co/F97XN3Gf9G pic.twitter.com/fbXrL17hFc— Santiment (@santimentfeed) June 30, 2023
As reported by crypto tracker Whale Alert, about five hours ago, anonymous wallets moved roughly 21,700 BTC from the Coinbase exchange to cold wallets. That was two Bitcoin transactions worth $314,678,605 and $345,262,395, respectively.
SEC calls Bitcoin ETF filings "inadequate"
The U.S. securities regulator has referred to the bunch of recent filings regarding spot Bitcoin ETFs as "inadequate," implying that they lack clarity and comprehensiveness, as is stated in the report by the Wall Street Journal.
Therefore, the recent filings from BlackRock, Fidelity and other financial companies have been put under scrutiny by the SEC.
Bitcoin showed a slight price drop on that news, heading 1.07% down within the last 24 hours.