Bitcoin surpasses $44,000 amid whale accumulation

by Jonathan Adams
Bitcoin

The crypto currency rose from $42,700 earlier in the day to $44,300, its highest price since January 12, the day after spot bitcoin ETF began trading in the U.S.

Bitcoin (BTC) soared Wednesday over $44,000 to a new four-week high amid increased BTC accumulation by large holders and new all-time highs in U.S. equity indices.

The largest and oldest crypto in terms of market value rose from $42,700 earlier in the day to $44,300, its highest price since January 12, the day after spot bitcoin exchange traded funds (ETF) began trading in the U.S.

Bitcoin’s 2.5% gain over the last 24 hours is pacing the CoinDesk 20’s 1.6% advance over the same time frame. Ether (ETH) is among other upside movers, ahead 2.3%. Lagging is Cardano with a 0.4% drop.

Bitfinex analysts pointed out earlier this week that increased selling by miners could have been a reason why Bitcoin prices were pressured recently. Nevertheless, an opposite dynamic today may have overwhelmed sellers.

Crypto analyst Ali Martinez noted in a X post Wednesday that bitcoin whales – large investors – increased their asset accumulation. The number of bitcoin wallets holding more than 1,000 tokens (nearly $44 million) rose to a multi-month high of 73, said Martinez, citing Glassnode data.

Continuing advances for U.S. stock markets also likely supported risk assets such as crypto, with S&P 500 ending at a record high just short of the 5,000 level, The Dow Jones Industrial Average (DJIA) was just a few ticks from its all-time high, and the tech-heavy Nasdaq Composite continued to close in on its record.

Ethereum’s ether (ETH) gain took it above $2,400 for the first time in two weeks on rejuvenated spot ETF optimism.

Earlier in the day, asset managers Ark Invest and 21Shares amended their joint application to allow cash creations, bringing it more aligned with the recently approved spot bitcoin exchange traded funds to perhaps pre-emptively appease regulators. The updated filing also tentatively opened the probability of staking some of the fund’s tokens to earn rewards.

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