As 2024 begins, Bitcoin spot ETFs and the halving event are major crypto narratives. The SEC's early approval of the first BTC spot products in the US drove Bitcoin's price to new highs. However, the halving event hasn't sparked the anticipated price surge, with Bitcoin struggling in recent weeks. Despite this, Bitcoin's value has seen a steady increase over the past few days, easing last month's stagnation.

Whale Accumulation Since ETF Approval

Blockchain intelligence firm IntoTheBlock recently revealed on the X platform that Bitcoin whales have been accumulating BTC in recent months. The Whales Balance metric, which tracks Bitcoin held by addresses with over 1,000 BTC, shows these whales have added approximately 250,000 BTC since the debut of spot ETFs in the US. This brings their holdings close to levels seen before the FTX collapse.

Market Confidence and Institutional Interest

The collapse of the FTX exchange led to a significant loss of confidence in the crypto industry, causing many large investors to liquidate their positions. The recent whale accumulation suggests renewed market confidence, especially after the SEC's approval of spot BTC ETFs. These regulated investment products provide traditional institutions with a more accessible way to invest in Bitcoin.

Impact on Bitcoin Price

Whales play a crucial role in the market, and their accumulation of BTC is seen as a bullish signal. The increased holdings indicate strong confidence in Bitcoin's future. Currently, Bitcoin's price is around $67,170, with no significant change in the past day but a notable 10% increase over the past week.