Recent data insights shared by top market analyst, Ali Martinez (@ali_charts), reveal that Bitcoin (BTC) whales are taking a bullish stance on the digital currency with a sudden accumulation. According to the post from Ali, a chart from Santiment highlights that 117 BTC tokens have been accumulated over the past 48 hours, amounting to a total monetary value of $3.2 million. This corresponds to the market’s consolidation period and the current price of Bitcoin, which stands at $26,905.66, having dropped by 0.13% in the past 24 hours.
The overall positive sentiment of the Bitcoin ecosystem is further compounded by the United States Securities and Exchange Commission (SEC) declining to appeal the recent court ruling in favor of Grayscale Investment on its Bitcoin Trust being converted into a Bitcoin Exchange Traded Fund (ETF). This has led to speculation that the 90% chance of securing approval for a spot in Bitcoin ETF could be realized in the coming weeks with Grayscale potentially being the channel for the ETF products.
Whale investors are well-positioned to reap the rewards should a Bitcoin ETF be approved as retail buyers have yet to catch on to the trend. The short-term rally and the potential bullish run back to the all-time-high will benefit those taking a position now.
