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Prominent Bitcoin (BTC) holders have been actively acquiring the leading cryptocurrency since early September, as reported by crypto analytics firm Santiment. Santiment’s indicate that individuals categorized as Bitcoin “sharks” and “whales,” holding anywhere between 10 to 10,000 , have amassed a collective sum of $1.17 billion since September 1st. This pattern of accumulation raises the likelihood of BTC’s resurgence to the $30,000 price level unless these significant holders decide to offload their Bitcoin holdings. At the time of writing, Bitcoin is currently valued at $27,853, marking an almost 3% increase within the last 24 hours. On Monday, the briefly breached the $28,000 threshold, a level it hadn’t reached since August. However, not all experts share Santiment’s viewpoint. Respected Bitcoin analyst Willy Woo recently conveyed to his one million followers on the social media platform X that purchasing BTC from exchange platforms won’t necessarily contribute to an increase in the cryptocurrency’s value. Woo asserted, “This is a misconception. A similar scenario unfolded throughout the of 2022. There’s no supply shortage because synthetic BTC introduced via markets contributed to the available inventory. The market bottomed out when futures markets adjusted.” For investors seeking BTC exposure, the option of acquiring a futures Exchange-Traded Fund ( ) is available. Yet, Woo emphasized that this approach does not generate a supply constraint, as these ETFs are essentially speculative wagers on BTC price appreciation, with the potential for hedge funds to take opposing positions, effectively creating new synthetic BTC. Furthermore, this process has no finite limit. According to Woo, the authorization of a spot-based Bitcoin ETF would be instrumental in addressing this situation.
Read more: coinspress
