The accumulation suggests optimism among large investors, IntoTheBlock’s head of research noted.
by an important court decision in Grayscale’s campaign to list a spot bitcoin exchange-traded fund in the U.S.
Large holders first loaded up after Aug. 17, when BTC plunged more than 10% to below $26,000, its lowest price since June, IntoTheBlock data shows.over the U.S. Securities and Exchange Commission . A federal appeals court ordered the agency to vacate and review its denial to convert the $14 billion Grayscale Bitcoin Trust into a more-desirable spot bitcoin ETF.towards listing the first spot BTC ETF in the U.S., making the largest cryptocurrency more accessible for a new class of investors.
Despite the weak price action, the accumulation suggests that “institutional investors are getting optimistic in bitcoin as ETF decisions approach,” Outumuro said.
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