• Bitcoin ownership is not as concentrated as reported, despite consistent accumulation by whale addresses.
  • Analysts expect four Bitcoin ETFs to hit the $6.7 trillion US ETF market in less than four weeks.
  • On-chain analysts state that Bitcoin's end-of-year prospects are highly bullish in the ongoing bull run.

Comparing the ongoing Bitcoin bull run with the 2017 rally suggests that institutional investments are on the rise. Top institutional players are transferring their Bitcoin holdings off exchanges. 

Bitcoin long-term prospects look extremely bullish, according to analysts

William Clemente, the author of the "Bitcoin supply shock" narrative and on-chain analyst, has predicted that the outlook for BTC price at the end of the year is highly bullish. Clemente expects a pullback in the short term before BTC resumes its upward climb. 

Clemente argues that whales have started profit-booking, and speculators or highly liquid entities (traders known to sell their Bitcoin holdings within a short period of time) are buying BTC. There is a vulnerability in terms of market capitalization, and this may change within the next few weeks. 

Clemente is quoted as saying:

Macro: highly bullish. Supply dynamics [HODLing behavior] remain strong, hash coming back on the network, retail still out of the market. Still standing on my thesis for a strong Q4.

Though numbers indicate that Bitcoin's ownership is highly concentrated, proponents argue that not all BTC addresses should be treated equally. 

Exchanges and institutions hold BTC for their clients in their wallets, and counting these addresses as whale addresses leads to a skewed outcome. Therefore, despite consistent accumulation by large wallet investors and illiquid BTC holders, Bitcoin ownership is not as concentrated as most altcoins. 

Daniel Joe, a cryptocurrency analyst, recently tweeted about Bitcoin accumulation by whales and noted that there is no sign of whale exit liquidity. 

James Seyffart, an ETF analyst at Bloomberg Intelligence, believes a Bitcoin ETF approval is likely in October 2021. Seyffart states, 

We are pretty bullish on approval here. We just can't see Gensler and the SEC going out of their way to state positive comments about a 1940-act Bitcoin futures ETF at the end of September and then denying all of them less than a month later.

A set of Bitcoin ETF applications are lined up at the US Securities & Exchange Commission (SEC) yet again. Applicants plan to hold Bitcoin futures rather than the asset and have filed the applications under the Investment Company Act of 1940 for the highest investor protection. 

The approval of a Bitcoin ETF product opens up the $6.7 trillion US ETF economy to BTC, fueling a bullish year-end narrative for the asset. 

Kevin Svenson, a cryptocurrency market analyst and YouTuber, has set a target of $350,000 for Bitcoin at the end of the ongoing bullrun.

FXStreet analysts have analyzed the Bitcoin price trend and predicted a brief correction in BTC before the asset hits a new all-time high. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Convex Finance extends gains after facing short squeeze

Convex Finance extends gains after facing short squeeze

Convex Finance (CVX), the DeFi token, extends its rally to double-digit gains and raises 26% on Monday, as seen on Binance. Data from Coinglass shows large volume liquidation of short positions, to the tune of $722,000. 

More Cryptocurrencies News

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP struggles to make a comeback above sticky resistance at $0.50 on Monday as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC).  

More Ripple News

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis