Bitcoin Tops $44K, With Whale Accumulation Suggesting Conviction in More Price Gains

Bitcoin

(BTC)
surged
Wednesday
over
$44,000
to
a
fresh
four-week
high
amid
increased
BTC
accumulation
by
large
holders
and
new
all-time
highs
in
U.S.
equity
indices.

The
largest
and
oldest
crypto
by
market
value
rose
from
$42,700
earlier
in
the
day
to
as
much
as
$44,300,
its
highest
price
since
Jan.
12,
the
day
after
spot
bitcoin
exchange-traded
funds
(ETF)
began
trading
in
the
U.S.

Bitcoin’s
2.5%
advance
over
the
past
24
hours
is
pacing
the

CoinDesk
20’s
1.6%
gain
over
the
same
time
frame.
Ether

(ETH)
is
among
other
upside
movers,
ahead
2.3%.
Lagging
is
Cardano

(ADA)
with
a
0.4%
decline.

Bitfinex
analysts
pointed
out
earlier
this
week
that

increased
selling
by
miners
could
have
been
a
reason
why
BTC
prices
were
pressured
recently.
However,
an
opposite
dynamic
today
may
have
overwhelmed
sellers.

Crypto
analyst
Ali
Martinez

noted
in
a
X
post
Wednesday
that
bitcoin
whales
–
large
investors
–
increased
their
asset
accumulation.
The
number
of
bitcoin
wallets
holding
over
1,000
tokens
(roughly
$44
million)
rose
to
a
multi-month
high
of
73,
said
Martinez,
citing
Glassnode
data.

Continuing
advances
for
U.S.
stock
markets
also
likely
supported
risk
assets
like
crypto,
with
S&P
500
closing
at
a
record
high
just
shy
of
the
5,000
level,
The
Dow
Jones
Industrial
Average
was
just
a
few
ticks
from
it
all-time
high,
and
the
tech-heavy
Nasdaq
Composite
continued
to
close
in
on
its
record.

Concerns
about
the
health
of
regional
bank
New
York
Community
Bancorp
(NYCB)
appeared
to
ease,
with
shares
erasing
big
early
day
losses
and
closing
higher
by
6.7%.
The
lender
late
Tuesday
issued
a

statement
to
calm
market
participants
about
its
liquidity
and
deposit
stability
after
rating
agency
Moody’s
downgraded
its
credit
to
junk
grade.

Ethereum’s
ether

(ETH)
gain
took
it
above
$2,400
for
the
first
time
in
two
weeks
on
rejuvenated
spot
ETF
optimism.

Earlier
in
the
day,
asset
managers
Ark
Invest
and
21Shares

amended
their
joint
application
to
allow
cash
creations,
bringing
it
more
aligned
with
the
recently
approved
spot
bitcoin
ETFs
to
perhaps
preemptively
appease
regulators.
The
updated
filing
also
tentatively
opened
the
possibility
of
staking
some
of
the
fund’s
tokens
to
earn
rewards.

Ether-adjacent
tokens
such
as
scaling
network
Polygon’s
MATIC,
Optimism’s
OPT,
Arbitrum’s
ARB
advanced
2%-4%,
while
liquid
staking
protocol
Lido’s
LDO
jumped
5%.