New data from market intelligence firm IntoTheBlock reveals that deep-pocketed crypto investors have accumulated tens of billions of dollars worth of Bitcoin since BTC exchange-traded funds (ETFs) launched in January.
In a new article, IntoTheBlock says that the top crypto asset by market cap’s era of institutional adoption is here as crypto whales have gobbled up nearly $16.8 billion worth of BTC since the U.S. Securities and Exchange Commission (SEC) approved spot market BTC ETFs earlier this year.
“For years, the crypto industry has been rallying around the message of ‘institutions are coming.’ Following the launch of the spot BTC ETFs on the New York stock exchange, it is quite evident that institutions have arrived.”
According to the analytics platform, the amount of BTC held by whales is back to the levels before the crypto exchange FTX collapsed. However, IntoTheBlock says that this time around,…
