{"id":600197,"date":"2024-03-28T16:00:12","date_gmt":"2024-03-28T16:00:12","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=600197"},"modified":"2024-06-11T08:23:44","modified_gmt":"2024-06-11T08:23:44","slug":"old-bitcoin-whales-selling-or-mitigating-risks-spot-btc-etfs","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/old-bitcoin-whales-selling-or-mitigating-risks-spot-btc-etfs\/","title":{"rendered":"Are Old Bitcoin Whales Selling Or Mitigating Risks Using Spot BTC ETFs?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Ki Young Ju, the founder of CryptoQuant, a blockchain analytics firm, has\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/25702991\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">noticed<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0a curious trend. In a post on X, the founder shared a snapshot suggesting that Bitcoin &#8220;old whales&#8221; might be shifting their holdings to &#8220;new whales,&#8221; mainly traditional finance heavyweights like Fidelity and BlackRock. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The United States Securities and Exchange Commission (SEC) recently approved these new whales to list spot Bitcoin exchange-traded funds (ETFs) for all investors.\u00a0<\/span><\/p>\n<figure id=\"attachment_600198\" aria-describedby=\"caption-attachment-600198\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-600198\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?resize=1024%2C645\" alt=\"Bitcoin old whales moving holding | Source: Analyst on X\" width=\"1024\" height=\"645\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=2048 2048w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/GJvPEzIaMAAOPvv.jpg?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-600198\" class=\"wp-caption-text\">Bitcoin old Whales moving holdings | Source: Analyst on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">&#8220;Old Whales&#8221; Moving Coins: Selling Or Risk Mitigation?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While a definitive sell-off isn&#8217;t confirmed, commentators replying to the founder&#8217;s post believe these &#8220;old whales&#8221; could be mitigating risk. In their assessment, moving their Bitcoin stash from self-custody to a regulated investment vehicle like spot Bitcoin ETFs is a better measure of covering unexpected eventualities. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/meme-coins\/meme-coins-next-trojan-horse\/\" target=\"_blank\" rel=\"noopener \">Crypto Exec Reveals Why Meme Coins Are The Next \u2018Trojan Horse\u2019 For Crypto Adoption<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">If this is the approach, then it could prove strategic. Bitcoin holders can transact without depending on a third party. <\/span><span data-preserver-spaces=\"true\">Notably, this development coincides with a significant drop in BTC inventory on major exchanges like Coinbase and Binance, as well as at <a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/record-breaking-gbtc-outflows-send-bitcoin-down-14-to-62000\/\" target=\"_blank\" rel=\"noopener \">GBTC<\/a>. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decline has accelerated since the introduction of spot Bitcoin ETFs, hinting at a potential departure from exchanges. <\/span><span data-preserver-spaces=\"true\">Meanwhile, the operators of GBTC are unwinding the product and converting it to a spot Bitcoin ETF following a court decision.<br \/>\n<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Will Spot BTC ETFs Gain Traction?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Even so, that &#8220;old whales&#8221; are moving their coins to centralized products like ETFs contradicts the core philosophy of BTC as a tool for financial self-sovereignty. Whether more users, mainly retailers, will choose to own spot Bitcoin ETF shares rather than the underlying coins directly remains to be seen. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/fantom-market-slowdown-chops-off-10-from-gains-heres-why\/\" target=\"_blank\" rel=\"noopener \">Fantom: Market Slowdown Chops Off 10% From Gains \u2013 Here\u2019s Why<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Institutions might be obliged by law to use a regulated product if they need to be exposed to BTC. However, retailers can choose to buy directly from exchanges or mine. This freedom might lead to more retailers opting to buy BTC.<br \/>\n<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/kJyjMWzQ\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/kJyjMWzQ\/\" alt=\"Bitcoin price trending upwards on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending upwards on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/kJyjMWzQ\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">This trend emerges ahead of the highly anticipated Bitcoin halving. This event is set for mid-April 2024 and will further reduce BTC&#8217;s circulating supply, potentially driving higher prices. Before then, BTC prices are firm, steady above $70,000 at the time of writing.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ki Young Ju, the founder of CryptoQuant, a blockchain analytics firm, has\u00a0noticed\u00a0a curious trend. In a post on X, the founder shared a snapshot suggesting that Bitcoin &#8220;old whales&#8221; might be shifting their holdings to &#8220;new whales,&#8221; mainly traditional finance heavyweights like Fidelity and BlackRock. The United States Securities and Exchange Commission (SEC) recently approved these new whales to list spot Bitcoin exchange-traded funds (ETFs) for all investors.\u00a0 &#8220;Old Whales&#8221; Moving Coins: Selling Or Risk Mitigation? While a definitive sell-off isn&#8217;t confirmed, commentators replying to the founder&#8217;s post believe these &#8220;old whales&#8221; could be mitigating risk. In their assessment, moving their Bitcoin stash from self-custody to a regulated investment vehicle like spot Bitcoin ETFs is a better measure of covering unexpected eventualities. Related Reading: Crypto Exec Reveals Why Meme Coins Are The Next \u2018Trojan Horse\u2019 For Crypto Adoption If this is the approach, then it could prove strategic. Bitcoin holders can transact without depending on a third party. Notably, this development coincides with a significant drop in BTC inventory on major exchanges like Coinbase and Binance, as well as at GBTC. The decline has accelerated since the introduction of spot Bitcoin ETFs, hinting at a potential departure from exchanges. Meanwhile, the operators of GBTC are unwinding the product and converting it to a spot Bitcoin ETF following a court decision. Will Spot BTC ETFs Gain Traction? Even so, that &#8220;old whales&#8221; are moving their coins to centralized products like ETFs contradicts the core philosophy of BTC as a tool for financial self-sovereignty. Whether more users, mainly retailers, will choose to own spot Bitcoin ETF shares rather than the underlying coins directly remains to be seen. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains \u2013 Here\u2019s Why Institutions might be obliged by law to use a regulated product if they need to be exposed to BTC. However, retailers can choose to buy directly from exchanges or mine. This freedom might lead to more retailers opting to buy BTC. This trend emerges ahead of the highly anticipated Bitcoin halving. This event is set for mid-April 2024 and will further reduce BTC&#8217;s circulating supply, potentially driving higher prices. Before then, BTC prices are firm, steady above $70,000 at the time of writing. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":600120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,78790,89583],"class_list":["post-600197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Are Old Bitcoin Whales Selling Or Mitigating Risks Using Spot BTC ETFs?<\/title>\n<meta name=\"description\" content=\"Bitcoin old guard appear to be shifting and moving coins to traditional finance holders, mostly spot BTC ETF issuers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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