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Here’s What Could Push Bitcoin to New Highs This Month, According to a Recently Released Analyst Report
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In a recently posted tweet, on-chain data firm Santiment shared that there are chances that Bitcoin will show another price rally this month, and altcoins could follow. The reason this may make this possible is because major crypto holders need to keep buying the flagship digital currency, BTC.
Crypto whales and sharks continue to accumulate BTC
Santiment’s team tweeted that over the past two weeks and as news of Fidelity-led Bitcoin ETF deposits emerged, the cryptocurrency whales and sharks have accumulated a “hunk” of Bitcoin. Over the past seven weeks, Santiment says, they have collectively purchased 154,500 BTC.
Now, wallets containing between 10 and 10,000 BTC contain 13 million Bitcoins, or 67% of the circulating supply. There are only 21 million BTC that can be mined and over 19 million have already been mined so far.
🐳 #BitcoinsWhale and shark addresses have been steadily piling up, with a large portion of $BTC upcoming purchase in the past 2 weeks as news of #AND F launches came out. As long as key stakeholders continue to buy, other #crypto increases may be warranted in July. pic.twitter.com/fbXrL17hFc
— Santiment (@santimentfeed) June 30, 2023
As crypto tracker Whale Alert reported, about five hours ago anonymous wallets moved around 21,700 BTC from the Coinbase exchange to cold wallets. These were two Bitcoin transactions worth $314,678,605 and $345,262,395 respectively.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,344 #BTC (345,262,395 USD) transferred from #Coinbase to a new unknown wallet
— Whale Alert (@whale_alert) July 1, 2023
SEC Calls Bitcoin ETF Filings ‘Inadequate’
The US securities regulator has called numerous recent filings regarding spot Bitcoin ETFs “inadequate,” implying that they lack clarity and completeness, as the Wall Street Journal report states.
As a result, recent filings from BlackRock, Fidelity and other financial companies have come under scrutiny from the SEC.
Bitcoin showed a slight drop in price on this news, down 1.07% in the last 24 hours.
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