LATEST: $1.4B in Bitcoin Added by 1k-10k BTC Holders in Just 7 Days

New data from IntoTheBlock—a leading on-chain analytics firm—builds a growing trend in the cryptocurrency market. The world’s top digital currency, Bitcoin, has reached the price level of around $70,000. Major Bitcoin holders—or, rather, those who hold between 1,000 and 10,000 BTC—have increased their portfolios. The price of the asset has, since then, increased during that period and is now currently selling at $70,000.

Over the past seven days, such large-scale holders have collectively added a whopping 20,000 BTC to their bag. This kind of accumulation is close to $1.4 billion and has signaled an increased belief among a class of experienced investors in the enduring prospects of Bitcoin. This strong accumulation by key players is bullish and sets a cushion for the market to rally, possibly breaking new levels in the crypto space.

IntoTheBlock

Ethereum ETFs are the wrong solution to the right problem

Numbers don’t lie — spot bitcoin exchange-traded funds (ETFs) have been a boon for the market. The first day of trading in the US saw over $4.6 billion in volume. Within a month, bitcoin rose above $50,000 for the first time since the bear market and hit $70,000 in March for the first time ever. 

But this bitcoin ETF liquidity boost does not address any of the underlying issues in today’s crypto user experience, nor does it offer investors empowerment through self-custody. 

In the case of ethereum ETFs, the outcome will likely be the same. Rather than rely on regulatory approval of such financial products to welcome traditional investors onboard, our industry needs to reimagine…

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JUST IN: US Lawmakers Urge SEC to Approve Ether Spot ETFs for Safe Crypto Investment

A group of bipartisan lawmakers, including Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer, have sent a letter to Gary Gensler calling for the SEC to take action and approve spot Ether ETFs and other digital assets that provide investors a safe and transparent way to get involved in crypto.