🏛️Crypto Stocks Gain as Bitcoin Breaches $28,000

☀️Bitcoin Controls Both Altcoins and Crypto Stocks

Bitcoin has the largest market capitalization of any coin, serving as a Jupiter to its crypto moons. Moreover, altcoins are traded against BTC, so a rise in Bitcoin translates to lower altcoin prices in BTC terms but higher in fiat terms.

☀️Riding on the bullish news of inevitable Bitcoin ETF approvals, Bitcoin whales have accumulated BTC since September. Santiment data shows that Bitcoin wallets holding 10 – 10,000 BTC have bought $1.17 billion worth of bitcoin since September 1st. 

☀️Ahead of Bitcoin ETF approvals and Bitcoin halving in April 2024, Bitcoin market makers could be setting a situation wherein short-term holders are cashing out. In turn, whales would be better positioned to dump, setting the stage for the next bull run. 

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