During the last week, the world’s largest cryptocurrency has been consolidating within the $62K-$63K vary. We’ve been additionally listening to lots of institutional and regulatory discuss round Bitcoin publish the launch of the primary Bitcoin futures ETF in america.
As per knowledge from Glassnode, Bitcoin HODLers have been robust holding their BTC provides. The illiquid provide for Bitcoin has touched a document excessive of 14.52 million.
![](https://cdn.coingape.com/wp-content/uploads/2021/11/04093959/Bitcoin-Illiquid-Supply.jpeg)
This occurs because the Bitcoin whales have been gobbling up main provides. As per the latest Chainlaysis report, Bitcoin whales have purchased 142,000 BTC during the last week. The report additional notes that whale addresses with over 1,000 BTC are holding the very best provide in the complete 2021.
![](https://cdn.coingape.com/wp-content/uploads/2021/11/04094344/Bitcoin-Whale-Holdings.png)
As we are able to see within the above chart, whales had been holdings 185,000 BTC earlier in February however offered through the Could interval when BTC was round its all-time excessive ranges. However over the past week of October, the BTC whales added a staggering 142,000 BTC taking the full holdings to above 200,000.
Moreover, the Bitcoin tackle exercise has additionally skyrocketed during the last week. During the last 5 days, over 1 million energetic addresses have been interacting on the Bitcoin blockchain community.
#Bitcoin has had 5 straight days (excluding traditionally sluggish weekends) of over 1M energetic addresses interacting on the $BTC community. This rise is an encouraging signal that one other #AllTimeHigh can inevitably be examined. https://t.co/UMESL7Iy72 pic.twitter.com/yyVNXa1yf6
— Santiment (@santimentfeed) November 4, 2021
U.S. Congressman Advocates for Spot Bitcoin ETF
Simply because the U.S. Securities and Trade Fee (SEC) has turn into considerably comfy with the Bitcoin Futures ETF, the demand for spot Bitcoin ETF is rising. Apparently, this time it’s coming from two U.S. Congressmen, Tom Emmer (MN-06) and Darren Soto (FL-09). The 2 Congressmen despatched letters to SEC chairman Gary Gensler requesting the identical.
Right now I despatched a letter to @GaryGensler with my @blockcaucus co-chair @RepDarrenSoto about Bitcoin ETFs. It doesn’t make sense that Bitcoin futures ETFs are allowed to commerce however Bitcoin spot ETFs will not be. pic.twitter.com/k1WTF0HA0U
— Tom Emmer (@RepTomEmmer) November 3, 2021
Within the letter to the SEC, the congressmen wrote:
“We query why, in case you are comfy permitting buying and selling in an ETF primarily based on derivatives contracts, you aren’t equally or extra comfy permitting buying and selling to begin in ETFs primarily based on spot Bitcoin. Bitcoin spot ETFs are primarily based straight on the asset, which inherently supplies extra safety for buyers.”
The latest demand for spot Bitcoin ETF coming from lawmakers would possibly speed up the method of approval. Identical to Bitcoin, the demand for Ethereum Futures ETF can also be rising.