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BTC Whales Are Getting Ready for the Mega Bull Run, US Congressmen Support Spot Bitcoin ETF

BItcoin Whales

Across the previous couple of days, Bitcoin has managed to position itself around the $62-63K levels. At the same time, plenty of regulation talk regarding it has been going around in the US.

According to data from Glassnode, Bitcoin HODLers are holding their supplies close with the illiquidity supply for BTC reaching a new ATH of 14.52 million.

Source: GlassnodeThis is a result of the fact that whales are swallowing important supplies. According to a recent report from Chainlaysis, BTC whales have purchased 142,000 BTC over the previous seven days. The report also mentions that whale addresses with more than 1,000 BTC are now holding the highest supply compared to all previous months of this year.

Source: Chainalysis

As seen in the chart above, whales held about 185,000 BTC in February but sold out in May when the King of Crypto reached a new ATH. In the last week of October, though, Bitcoin whales have gathered 142,000 BTC which means the holdings have now increased to an incredible level of more than 200,000.

On top of that, the activity for Bitcoin addresses has also increased over the previous week. Across the previous five days alone, more than 1 million active addresses were recorded interacting on the Bitcoin blockchain.

US Congressmen Advocate for Spot Bitcoin ETF

Another important piece of news has been the US SEC leaving aside its hostility towards the Bitcoin Futures ETF and the demand for spot Bitcoin ETF increasing. This time, two US Congressmen, Tom Emmer (MN-06) and Darren Soto (FL-09) have asked for the SEC to support spot Bitcoin ETFs.

The two of them wrote to Gary Gensler of the US SEC, saying:

“We question why, if you are comfortable allowing trading in an ETF based on derivatives contracts, you are not equally or more comfortable allowing trading to commence in ETFs based on spot Bitcoin. Bitcoin spot ETFs are based directly on the asset, which inherently provides more protection for investors.”

With demand for spot Bitcoin ETF coming from US lawmakers this time, the process might indeed start speeding up.

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