Despite increased enforcement by regulators and growing uncertainty due to a wave of claims against leading players in the cryptocurrency market, long-term holders (LTH) increased their reserves month after month. In 2023, their total balance increased by 825,000 BTC to reach 14.9 million BTC.

When the SEC's deadline to appeal the case it lost against Grayscale passed in mid-October, shrimps (<1 BTC) and whales (≥1000 BTC) began accumulating Bitcoin.

As a reminder, Grayscale won a case that examined the regulator's refusal to convert the trust fund into a spot ETF. The court found the SEC's arguments to be "arbitrary and capricious". Since the regulator had no other arguments, it didn't appeal, and the deadline to do so expired in October. 

This automatically opened the door for converting Grayscale's fund in 2024 and showed the regulator's inability to resist the emergence of spot ETFs. The SEC currently has 14 applications for such ETFs, including from the largest investment firm in the world in terms of assets under management.

The ETFs will make it possible for institutional investors that can't work directly with cryptocurrencies due to legal restrictions to invest in Bitcoin. Michael Saylor, the executive chairman of MicroStrategy, believes that the launch of this new product "might be the biggest development on Wall Street in 30 years". 

That's why his company has bought up another 31,000 BTC over the past three months to bring its total holdings to 189,000 BTC.

MicroStrategy is a shining example of the 'buy and hold' strategy. If it weren't for selling 704 BTC in late 2022 for tax reasons, the company never would have sold its Bitcoin. After spending a total of %.9 billion over the past three years, the company now holds assets worth $8.2 billion.

StormGain Analytical Group
(platform for trading, exchanging and storing cryptocurrency)

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