Bitcoin, the world’s largest cryptocurrency by market capitalization, has been facing some challenges in maintaining its momentum the past week. However, emerging data from blockchain analytics platform Santiment paints a different story. It indicates that a specific group of Bitcoin investors has displayed unwavering confidence in the cryptocurrency's long-term potential.

Santiment: Sharks Are Accumulating BTC at Record Pace

Santiment, a platform renowned for tracking on-chain activity and market sentiment, recently revealed a remarkable trend. The number of Bitcoin addresses holding a minimum of 10 BTC (sharks) has surged to an all-time high of 157,400. This marks a remarkable 8.12% increase, totaling 11,806 addresses since the beginning of 2022, surpassing the previous record set in 2019.

In addition to this, Santiment shared that Bitcoin addresses holding between 100 and 1,000 BTC observed their most substantial single-day increase since February 2022. A total of 16 new addresses entered this category, populated by seasoned investors often referred to as "whales".

These on-chain developments offer a compelling narrative of Bitcoin investors who remain unshaken by the recent price fluctuations and market volatility within the cryptocurrency sphere. Instead of retreating, they are leveraging these market dips to acquire more Bitcoin, reinforcing their positions and confidence in the cryptocurrency.

The SEC Is Not Appealing Grayscale Bitcoin ETF Court Decision: What Now?

In other related news, the United States Securities and Exchange Commission (SEC) has opted not to contest a ruling that favored Grayscale's application for a spot Bitcoin ETF, according to a report by Reuters. A spot Bitcoin ETF would enable investors to gain exposure to Bitcoin without direct ownership.

Historically, the SEC has steadfastly rejected all spot Bitcoin ETF applications, citing concerns regarding market manipulation and investor protection. However, the recent court ruling deemed the SEC's rejection of Grayscale's application baseless, given that it was structured on surveillance agreements similar to those approved for Bitcoin futures-based ETFs.

This pivotal court decision is expected to compel the SEC to revisit Grayscale's application, as well as applications from other notable asset managers like BlackRock, Fidelity, and Invesco. These firms have also submitted applications for spot Bitcoin ETFs.

The approval of a spot Bitcoin ETF could prove to be a transformative milestone for the cryptocurrency industry. It would act as a magnet for institutional and retail investors, propelling Bitcoin into the mainstream and significantly enhancing its liquidity and legitimacy.

BTC To Retest $28,000 Resistance

On the technical analysis front, BTC remains resilient, marking a steady upward momentum. Despite the perceived bearish tone around the benchmark cryptocurrency, the daily BTC/USD chart shows that Bitcoin is in fact in an upward trend, with its fourth consecutive day of higher lows.

Over the coming day, we can expect the cryptocurrency to make a fresh attempt at the $28,000 barrier, where the mettle of bulls (or bears) will be put to the test. A successful break and close above the resistance will be the cryptocurrency’s first since June, which would be a great boost for bullish morale.

BTC Statistics Data

BTC Current Price: $27,050

BTC Market Cap: $528B

BTC Circulating Supply: 19.5M

BTC Total Supply: 21M

BTC Market Ranking: #1

Feeling confident? Trade your ideas on BTC now.

Disclaimer

This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.