Bitcoin Whales and Sharks Accumulate Over $4.7 Billion Worth of BTC in Seven Weeks

Over the past few weeks major holders of the flagship cryptocurrency Bitcoin ($BTC), colloquially known as whales and sharks in the space, have been amassing new coins at a significant rate, especially after BlackRock filed for a spot Bitcoin exchange-traded fund (ETF).

According to on-chain analytics firm Santiment, holders with between 10 and 10,000 BTC in their wallets have purchased over 154,600 BTC, valued at over $4.75 billion, since the end of April, with a particular accumulation occurring over the last two weeks. This accumulation came after the world’s largest asset manager BlackRock filed for the ETF.

The market responded to BlackRock’s filing 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.

As CryptoGlobe reported,  popular cryptocurrency analyst Willy Woo has revealed he believes that the flagship cryptocurrency could see its price rise by a factor of ten under a singular condition, meaning one BTC would trade above $300,000.

Woo, who shares his analysis with a following of over one million users on the microblogging platform Twitter, noted that if eight institutions that are already to varying degrees involved in the blockchain and tokenization space move 5% of their assets under management (AUM) to Bitcoin, the cryptocurrency’s price would surge to $310,000.

Woo’s words comes as 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.

These 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,” according to CoinShares’ Chief Strategy Officer Meltem Demirors.

Late last year, Woo commented on bullish $1 million BTC price predictions that have been made over the past several months, including from former Goldman Sachs executive Raoul Pal and from an Ark Invest analyst. Per his word,s Bitcoin could become a “true challenger to fiat, thus it’s a price range where fiat collapses.”

Featured image via Pixabay.

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