"Ultra-Rich Bulls on BTC: Whales Accumulate, ETFs Expand, Reserve Debate Heats Up"

Tiger21 Founder Michael Sonnenfeldt Says Ultra-Rich are Bullish on BTC

Michael Sonnenfeldt, the founder of Tiger21, a peer-to-peer learning network for ultra-high-net-worth investors, has revealed that the ultra-wealthy are increasingly bullish on Bitcoin (BTC). In a recent interview, Sonnenfeldt shared insights into the investment preferences of the ultra-rich, highlighting their growing interest in cryptocurrencies, particularly Bitcoin.

On-chain data from February indicates a significant accumulation of Bitcoin by whales, with 135 new wallets holding 100+ BTC emerging during the month. This accumulation has helped stabilize the BTC price above $97,500, establishing a strong support level. A successful breakout above $101,000 could trigger a stronger bull rally to new all-time highs.

Glassnode's Cost Basis Distribution (CBD) data shows that approximately 200,000 BTC were purchased above $97,500, demonstrating significant accumulation activity. This strong accumulation has prevented further price declines during recent downturns, indicating a robust support level for Bitcoin.

Popular crypto analyst Rekt Capital has noted that Bitcoin is testing its diagonal trendline support level as prices consolidate between $98,000 and $101,000. Early signs of a potential higher low formation are emerging, and price stability at current levels could pave the way for Bitcoin to retest the $101,000 resistance.

Spot Bitcoin ETF inflows have resumed despite strong market volatility, showing strength among Bitcoin whale entities. After a successful launch in the United States last year, giants like BlackRock are working to bring similar products to Europe, further driving Bitcoin's expansion.

Meanwhile, Arthur Hayes, the chief investment officer of Maelstrom, has raised concerns about a potential national cryptocurrency reserve in the US. He argues that such a reserve could become a political weapon rather than a beneficial economic strategy, impacting the crypto landscape. However, others, such as asset management firm VanEck and Strategy's executive chairman Michael Saylor, believe that a Bitcoin reserve could reduce national debt and strengthen the US dollar.

Speculation regarding the establishment of a Bitcoin reserve has intensified recently, with prediction market platforms like Pol