- Bitcoin ownership is not as concentrated as advertised, despite the constant accumulation by whale addresses.
- Analysts expect four Bitcoin ETFs to reach the $6.7 trillion ETF market in less than four weeks.
- Chain analysts say that Bitcoin’s year-end outlook is very bullish on the ongoing uptrend.
Comparing Bitcoin’s ongoing uptrend with the 2017 rally suggests institutional investment is on the rise. Major institutional players are moving their Bitcoin holdings off exchanges.
Bitcoin’s long-term outlook looks very bullish, according to analysts
William Clementi, author of the “Bitcoin Supply Shock” narrative and chain analyst, has predicted that the year-end Bitcoin price outlook is very bullish. Clemente expects a short-term pullback before BTC resumes its bullish run.
Clemente argues that whales are starting to profit, and that speculators or highly liquid entities (traders who are known to sell their bitcoin holdings within a short period of time) are buying bitcoin. There is a vulnerability in terms of market capitalization, and this may change within the next few weeks.
Clemente is quoted as saying:
Macro: Too bullish. Presentation dynamics [HODLing behavior] It remains strong, retail is back online, and retail is still out of the market. I still stand by my thesis for a strong Q4.
Although the numbers indicate that Bitcoin ownership is highly concentrated, proponents argue that not all BTC addresses should be treated equally.
Exchanges and institutions hold bitcoin for their clients in their wallets, and counting these addresses as whale addresses leads to a skewed conclusion. Therefore, despite the constant accumulation by large portfolio investors and non-mainstream BTC holders, Bitcoin ownership is not as concentrated as most altcoins.
Cryptocurrency analyst Daniel Guo recently tweeted about the accumulation of Bitcoin by whales and noted that there is no sign of whales exiting liquidity.
James Seyffart, ETF analyst at Bloomberg Intelligence, believes that the Bitcoin ETF will likely be approved in October 2021. Seyffart says,
We are very optimistic about approval here. We can’t see Gensler and the SEC going out of their way to express positive comments about the 1940 Bitcoin futures ETF at the end of September and then dismiss them all less than a month later.
A batch of Bitcoin ETF applications are lining up at the US Securities and Exchange Commission (SEC) once again. Applicants plan to hold Bitcoin futures in lieu of the asset and have filed under the Investment Corporation Act of 1940 for the highest investor protection.
The approval of a Bitcoin ETF product opens the $6.7 trillion ETF economy to BTC, fueling a bullish year-end narrative for the asset.
Crypto market analyst and YouTuber Kevin Svensson has set a $350,000 target for bitcoin at the end of the ongoing race.
FXStreet analysts analyzed the Bitcoin price trend and predicted a short correction in BTC before the asset reached a new all-time high.