Whales Scrambling to Buy BTC, Will the Price Increase Happen?

<p>&nbsp;"The hope is a miracle, fearing that the movement of BTC will disappoint investors later."</p><p><br /></p><p>Ali Martinez, a leading cryptocurrency market analyst recently revealed that Bitcoin (BTC) whales are currently flocking to collect large amounts of the digital asset.</p><p><br /></p><p>It was also reported that whales have acted quickly to collect 117 BTC in the last 48 hours, commented Martinez again.</p><p><br /></p><p>Over the past few days, the price of BTC has seen a significant drop to $26,600 as retail holders are more interested in selling the digital asset continuously than holding it for the long term.</p><p><br /></p><p><br /></p><p>However, whales are now interested in buying BTC when the Securities and Exchange Commission (SEC) refused to appeal the court's decision in favor of Grayscale Investment who wanted to convert BTC Trust to a full ETF product.</p><p><br /></p><p>That streak, many expect that there is a 90% probability that the spot BTC ETF will be approved plus the SEC in a few weeks will hold discussions that may bring positive news for the entire crypto market.</p><p><br /></p><p>While retail buyers are selling their holdings in BTC, whales are seen doing the opposite as they have bought a lot of BTC and this means they could be the biggest beneficiaries if the BTC ETF is approved.</p><p><br /></p><p>As of this writing, BTC price has jumped by 1.24% to $27,167 in the last 24 hours with a market cap of $530 billion but still posted a 2.39% decline over the past week.</p>