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Bitcoin centralization

Wall Street Heavyweights Are Now BTC Whales: Is Bitcoin Losing Its Soul?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Roughly a month after the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETFs), a curious trend is emerging: Retail investors are selling, while institutions are gobbling up the supply.

Wall Street Emerging As Bitcoin Whales, Centralization Concerns Raised

This development raises critical questions, with HODL15Capital on X saying that Bitcoin could be on the verge of losing its decentralized spirit to Wall Street whales. This is considering how ferocious they have been buying tens of thousands of the scarce and fixed supply of the coin every trading day.

How BTC whales and small holders are trading | Source: HODL15Capital on X
How BTC whales and small holders are trading | Source: HODL15Capital on X

Sharing data on X, HODL15Capital observes that small Bitcoin holders controlling less than 100 BTC have been offloading in recent weeks, selling over 25,000 BTC in the last month alone. Meanwhile, spot Bitcoin ETF issuers like Blackrock, Fidelity, and Ark have been on a buying spree, accumulating over 53,000 BTC during the same period.

Related Reading: Ethereum Insider Accuses SEC’s Gensler Of Covert ETH Involvement

Some analysts attribute this rapid shift in coin buying to issuers’ attempts to accumulate when their management fees are still lower. As of mid-February, spot Bitcoin ETF issuers in the United States are charging among the lowest fees in the world, forcing investors in other parts of Europe and Canada to dump their local spot Bitcoin ETFs and buy those by Bitwise, BlackRock, and the rest.  

Beyond the low management fees, Gabor Gurbacs, while responding, said the accelerated accumulation among spot Bitcoin ETF issuers could be because of other factors. Specifically, the founder of PointsVille thinks more whales with coins held at various exchanges like Binance, Kraken, and even Coinbase now prefer regulated ETFs, riding them the task of controlling private keys. 

BTC Price Is Rising, Small Holders Should Not Sell

While the rising institutional interest has been bullish for BTC prices, reading from the current performance in the daily chart, HODL15Capital believes the cost is higher. The investor argues that it is dangerous for a handful of institutions to control a significant portion of the circulating supply.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

In the analyst’s view, this will undermine the decentralized vision of Bitcoin, a network designed to serve as a layer for enabling electronic money.

Related Reading: XRP Is Golden Opportunity To Create Wealth, Top Executive Explains Why

Instead of the recent accumulation, HODL15Capital believes it would have been better for small BTC owners to hold on to their coin than allow whales to buy more. The more Wall Street dominates, controlling more circulating BTC supply, the democratic nature of Bitcoin would likely be stifled.  

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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