Bitcoin Whales: Impact on BTC Holdings and Market Outlook

The approval of the Bitcoin spot ETF in the United States led to an increase in whale addresses holding 1,000 or more Bitcoin, with their holdings surging by over 220,000 BTCs. Despite a recent price decline, the whales who purchased during this period are still holding at a profit, as indicated by the Market Value to Realized Value ratio. Bitcoin's price surged to new highs following the approvals, reaching close to $70,000, and despite recent moderation, it remains in a bullish trend, trading over $69,000 at the time of writing.