According to reports, newly created Bitcoin whales are now in possession of a significant amount of BTC, controlling 9% of the total supply of coins. Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, has shared data indicating that short-term holder Bitcoin whales have emerged as one of the main groups of entities. Short-term holders are defined as individuals who have held their coins for less than 155 days. These new Bitcoin whales currently hold 1.8 million BTC, including spot ETFs, which accounts for 9% of the circulating supply. Despite a decline in demand for Bitcoin exchange-traded funds (ETFs), the accumulation of BTC on-chain remains highly active. According to Ki Young Ju, on-chain accumulation remains strong, even when excluding ETF settlement transactions. James Seyffart, an ETF expert at Bloomberg, explains that it is common for many ETFs to have zero flows on any given day, as shares of the product are only created if there is a mismatch in supply and demand. Seyffart clarifies that creation or redemption of shares will only occur if there is a significant mismatch in supply and demand, and the cost to make a market through this process is lower than traditional methods. At the time of writing, Bitcoin is trading at $61,904, having corrected from its previous high of nearly $74,000.
