Bitcoin whales grabbed 71,000 BTC in most recent accumulation move $BTC
Glassnode data also reinforces this fact. On-chain analytics firm Glassnode observes that following the BlackRock Bitcoin ETF request announcement on June 15, the share of Bitcoin supply held/traded by U.S. entities has experienced a notable uptick. This marks a potential inflection point in supply dominance if the trend is sustained.
Bitcoin advanced to a fresh yearly high of $31,525 in the past week after several traditional financial titans sought approval to launch spot exchange-traded funds on the token in the United States, stoking optimism. BlackRock filed paperwork with the U.S. Securities and Exchange Commission on June 16 for a spot Bitcoin exchange-traded fund.
Bitcoin has increased by more than 80% this year, with prices beginning the year at roughly $16,500. The largest digital asset rose to all-time highs of almost $69,000 in November 2021. The largest digital asset finished the last quarter up nearly 9% from April to June.After achieving a new one-year high, Bitcoin soon fell to a small trading range. Since topping $31,525, the largest cryptocurrency has moved in the $1,500 range.
According to Glassnode, the Bitcoin spot price continues to bounce between the -50% at $34,300 and the -61.8% at $26,200 retracement levels, indicating a defined local range.Bitcoin's spot price recently found firm support at the adjusted realized price of $25,500. This pricing level remains a crucial area of interest, with a strong breach below in June 2022 kicking off a deep bear market, whereas the recent move above has sparked a recovery to favorable price action.
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