Are Old Bitcoin Whales Selling Or Mitigating Risks Using Spot BTC ETFs?
2024年3月29日 - 1:00AM
NEWSBTC
Ki Young Ju, the founder of CryptoQuant, a blockchain analytics
firm, has noticed a curious trend. In a post on X, the
founder shared a snapshot suggesting that Bitcoin “old whales”
might be shifting their holdings to “new whales,” mainly
traditional finance heavyweights like Fidelity and BlackRock. The
United States Securities and Exchange Commission (SEC) recently
approved these new whales to list spot Bitcoin exchange-traded
funds (ETFs) for all investors. “Old Whales” Moving Coins:
Selling Or Risk Mitigation? While a definitive sell-off isn’t
confirmed, commentators replying to the founder’s post believe
these “old whales” could be mitigating risk. In their assessment,
moving their Bitcoin stash from self-custody to a regulated
investment vehicle like spot Bitcoin ETFs is a better measure of
covering unexpected eventualities. Related Reading: Crypto Exec
Reveals Why Meme Coins Are The Next ‘Trojan Horse’ For Crypto
Adoption If this is the approach, then it could prove strategic.
Bitcoin holders can transact without depending on a third party.
Notably, this development coincides with a significant drop in BTC
inventory on major exchanges like Coinbase and Binance, as well as
at GBTC. The decline has accelerated since the introduction of spot
Bitcoin ETFs, hinting at a potential departure from exchanges.
Meanwhile, the operators of GBTC are unwinding the product and
converting it to a spot Bitcoin ETF following a court decision.
Will Spot BTC ETFs Gain Traction? Even so, that “old whales” are
moving their coins to centralized products like ETFs contradicts
the core philosophy of BTC as a tool for financial
self-sovereignty. Whether more users, mainly retailers, will choose
to own spot Bitcoin ETF shares rather than the underlying coins
directly remains to be seen. Related Reading: Fantom: Market
Slowdown Chops Off 10% From Gains – Here’s Why Institutions might
be obliged by law to use a regulated product if they need to be
exposed to BTC. However, retailers can choose to buy directly from
exchanges or mine. This freedom might lead to more retailers opting
to buy BTC. This trend emerges ahead of the highly anticipated
Bitcoin halving. This event is set for mid-April 2024 and will
further reduce BTC’s circulating supply, potentially driving higher
prices. Before then, BTC prices are firm, steady above $70,000 at
the time of writing. Feature image from DALLE, chart from
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