Will the breach of $74K be soon as $1.4B Bitcoin whales continue to accumulate, fueling a bull frenzy?

Article Highlights
New regulations in the US crypto market are generating optimism and excitement for Bitcoin and altcoins, as lawmakers push for the approval of a spot Ethereum ETF.
Large Bitcoin investors, known as whales, have been actively buying in the past week, contributing to the positive sentiment.
Bitcoin is struggling to break past $72k, leading some investors to shift their focus to Ethereum.
A significant shift in cryptocurrency regulations in the US has sparked enthusiasm for Bitcoin (BTC) and injected fresh hope into the altcoin market. A group of Congress members is pushing for the approval of spot Ethereum (ETH) exchange-traded funds (ETFs), urging SEC Chair Gary Gensler and his colleagues to give their approval during Thursday’s session.
In addition, the US Congress has passed the FIT21 bill, which brings in a new era of clear crypto regulations in the world’s largest economy.
Whale Watch: Increased Bitcoin Accumulation
Recent analysis by IntoTheBlock shows a notable increase in Bitcoin accumulation among large investors, or whales, who hold between 1,000 and 10,000 BTC each. These influential players have intensified their buying spree in the last few days, collectively acquiring a staggering 20,000 BTC, worth around $1.4 billion, in just seven days.
Moreover, spot Bitcoin ETFs have witnessed a surge in cash inflows, totaling an impressive $1.7 billion over the past eight days. This surge in institutional investment highlights the growing interest in digital assets and indicates a continued bullish trajectory for Bitcoin.
Bitcoin’s Post-Halving Surge
More than a month after the fourth Bitcoin halving, there is still high demand for the leading cryptocurrency, with countries worldwide rushing to acquire these limited digital assets. However, despite this upward trend, Bitcoin has encountered strong resistance around the $72,000 mark, resulting in a dip below $68,000 on Thursday.
With speculation mounting about the potential approval of spot Ether ETFs, an increasing number of Bitcoin traders are turning their attention to Ethereum, anticipating a possible price surge. This shift in sentiment reflects the growing recognition of Ethereum’s utility and long-term potential in the crypto market.
Analyzing Bitcoin’s Bull Cycle
Drawing comparisons to the historic bull run of 2017/2018, well-known crypto analyst Quinten | 048.eth suggests that Bitcoin’s current price trajectory resembles that of its previous cycle. However, with the influx of institutional investors into the market, Quinten predicts that this bull cycle will surpass the heights of the 2017 crypto bubble.