Whales Purchase 30,000 BTC in 5 Days Amid ETF Speculation

Whales, significant players in the market, have acquired 30,000 Bitcoins within the past five days. These moves are attributed to the anticipation surrounding spot Bitcoin ETF approval.

X-channel Ali (@ali_charts) revealed the calculations on October 28, underlining the whales’ interest in the cryptocurrency. Market participants and funds are showing increased interest due to the potential approval of BlackRock’s spot Bitcoin ETF application. BlackRock’s preparations suggest confidence in its approval, as the company initiated a preliminary fundraiser to purchase Bitcoin as collateral.

At one point, Bitcoin’s price surged to $35,000, marking its highest point since May 2022. However, the current Bitcoin price at the time of this publication stands at $34,400. According to CoinMarketCap, Bitcoin maintains a strong market dominance of 53%.

Since the beginning of 2023, Bitcoin’s price has risen by over 100%, with indications suggesting that the market might be in the early stages of a bull rally.

U.Today highlights that Bitcoin is not only following cyclical patterns, but also experiencing heightened short-term activity. On the other hand, the market value to realized value ratio (MVRV) suggests that Bitcoin is not as overbought as it was during previous bull runs. Historically, Bitcoin’s bull markets reached peaks at MVRVs of 300% or higher, while the current figure is at 150%, indicating room for further development in this bull market.

The local peak at $35,000 represents the next resistance level for Bitcoin. If this level is surpassed, the next battleground will likely be in the $38,000 to $39,000 range, where traders purchased 333,000 BTC.