When it comes to BTC holdings since inception, there might be an answer about the ETH price movement from the perspective of the mid-term.
Spot BTC(Bitcoin) ETFs were approved by the 🇺🇸 SEC(Securities Exchange and Commission) early this January. Nevertheless, BTC price started bullish late. BTC had been bullish from early this February to early this March.
Take a look at what happened after the inception of spot BTC ETFs trading.
From early this February to early this March, BTC holdings by GBTC(Grayscale BTC) had been rapidly decreased. However, Wall Street had been quickly stacking BTC.
ETHE by Grayscale held about 2.6m ETH before the inception of spot ETH trading. Now, ETHE only holds around 1.8m ETH.
In the beginning of the inception, ETH holdings by ETHE had been rapidly decreased. But, recently, the rate has significantly slowed down.
Alright, how about Wall Street? In the beginning of the inception, ETH holdings by Wall Street had been quickly accumulated. But, recently, the rate has significantly slowed down as well. This is a key difference compared to BTC holdings by the inception chart. Therefore, if the Wallstreet increases the rate to stack ETH, ETH price will skyrocket But, no one knows when it will be.
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"Hey fellow Steemians! 🤩 Great timing to share this info about the spot BTC ETFs approval by the SEC! 💸 Can't wait to hear your thoughts on how it impacted the market. What's your take on the bullish trend in BTC? Let's discuss!"
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