In a significant shift for the cryptocurrency market, whales have amassed over $16.7 billion in Bitcoin since the launch of Bitcoin Exchange-Traded Funds (ETFs), according to the analytics platform IntoTheBlock. This accumulation brings the amount of Bitcoin held by these large investors back to levels seen before the collapse of the crypto exchange FTX.

However, this resurgence is marked by a notable difference: the major players are now traditional finance firms rather than crypto asset managers. This transition underscores a pivotal moment for Bitcoin as it enters an institutional era.

"Many anticipated hedge funds would buy Bitcoin ETFs," says IntoTheBlock. "This week, it was revealed that this expectation has come to fruition, with institutions like Millenium Management acquiring as much as $2 billion in Bitcoin."

The entrance of traditional finance giants into the Bitcoin market through ETFs marks a significant evolution. This movement signals growing acceptance and integration of Bitcoin within mainstream financial strategies, suggesting a maturation of the cryptocurrency market. 

The involvement of established institutions not only adds credibility but also injects substantial capital into the Bitcoin ecosystem, potentially stabilizing and boosting its value. As these firms continue to invest, the landscape of Bitcoin ownership and its market dynamics are poised for transformative change.

With the accumulation of Bitcoin by whales reaching pre-FTX collapse levels, and the backing of traditional financial institutions, the cryptocurrency market stands on the brink of a new era of institutional investment and stability.