Bitcoin Whales and Sharks Keep Accumulating to Now Hold 66% of $BTC’s Circulating Supply

Large Bitcoin ($BTC) investors have been accumulating the flagship cryptocurrency so far this year, to the point they now control the highest amount they’ve held in 2023, meaning 13.03 million coins.

According to on-chain analytics firm Bitcoin’s sharks and whales, defined as wallets holding between 10 and 10,000 BTC, have accumulated to the point they now own over 66% of the flagship cryptocurrency’s circulating supply.

The firm also revealed that wallets holding between 100,000 and 10 million USDT tokens have been accumulating their buying power to now have $15 billion worth of the stablecoin, a 6-week high.

The accumulation comes at a time in which major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.

As noted by CoinShares Chief Strategy Officer, Meltem Demirors, at least eight financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more.”

Santiment’s data appears to show that Bitcoin and Tether sharks and whales seemingly picked up their accumulation pace right after BlackRock first filed for its spot Bitcoin exchange-traded fund with the U.S. Securities and Exchange Commission (SEC).

BlackRock, the world’s largest asset manager, took a pioneering leap on June 16 with a spot Bitcoin exchange-traded fund application, seemingly igniting a domino effect as peers rushed to file similar applications.

The market responded with a flurry of activity that saw the price of the flagship cryptocurrency Bitcoin hit a new high for the year above the $31,000 mark. It has since corrected to now trade at $26,800.

Featured image via Unsplash.

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