Bitcoin Whales Accumulate $1.4 Billion BTC as US Congress Passes FIT21 Bill

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The notable cryptocurrency regulatory shift in the United States has triggered a fresh Bitcoin (BTC) bullish frenzy, largely benefiting the altcoin industry. Interestingly, several Congress members have urged US SEC Chair Gary Gensler and other commissioners to approve the spot Ethereum (ETH) ETFs on Thursday. Moreover, the US Congress almost unanimously passed the FIT21 bill that sheds clear crypto regulations in the largest global economy. 

Bitcoin Whales Increases Appetite Amid Heightened Volatility 

According to the latest on-chain data analysis from IntoTheBlock, Bitcoin whales – with balances between 1k and 10k – have accelerated their accumulation pace in the past few days. Specifically, Bitcoin whales in this category added 20k BTCs worth about $1.4 billion in the past seven days. 

Here's net inflows to the bitcoin ETFs you can see the third wind forming (again the ability to rally back after hangovers from highs is rare for a new and/or volatile category). Now eight straight days of inflows, about $1.7b in May. TOTAL NET YTD = +$13.5b, new high water mark pic.twitter.com/pAk97YN0ZR

— Eric Balchunas (@EricBalchunas) May 23, 2024

The heightened Bitcoin accumulation pace from whale investors in the recent past has coincided with notable cash inflows to spot BTC ETFs. In the past eight days, spot Bitcoin ETFs have attracted about $1.7 billion in cash inflows.

With more than one month since the fourth Bitcoin halving, the demand for the flagship coin will continue to rise as other jurisdictions rush to accumulate the limited digital assets.

Expectations in BTC Price Action

Bitcoin price has experienced significant resistance around $72k, which has resulted in the ongoing retrace below $68k on Thursday. More Bitcoin traders are reportedly rushing to long Ethereum amid anticipated approval of spot Ether ETF.

2017 cycle on steroids #Bitcoin $BTC pic.twitter.com/BR4Cbp85uh

— Quinten | 048.eth (@QuintenFrancois) May 23, 2024

According to a popular crypto analyst alias Quinten | 048.eth on the X platform, Bitcoin’s price has been mirroring the 2017/2018 bull run in this cycle. With the inclusion of institutional investors, the crypto analyst believes this bull cycle will outshadow the 2017 crypto bubble.