As the Possibility of a U.S. Government Shutdown Strengthens, Bitcoin Whales Show Accumulation Trend!

• On-chain data from Santiment indicates that wallets holding between 10 and 10,000 BTC have accumulated the highest amount ever in 2023.
• Previously, COINOTAG reported that the U.S. SEC had postponed the applications of BlackRock and Bitwise. This was followed by the postponement of the Invesco application on September 28, 2023.
• With the U.S. Congress lacking a plan to prevent a government shutdown, which could affect millions of federal government workers, time is running out to avert a government shutdown.

As the possibility of a US government shutdown increases, Bitcoin price starts its upward movement: Whales and sharks made their move!

Possibility of Government Shutdown Pushes Bitcoin High

As concerns about a possible government shutdown in the United States increase, the price of Bitcoin has risen in the past 24 hours. This coincides with a period where spot Bitcoin ETF applications from firms such as BlackRock, Bitwise, ARK Invest, and Invesco have received the expected delays from the U.S. Securities and Exchange Commission (SEC).

On-chain data from Santiment indicates that wallets holding between 10 and 10,000 BTC have accumulated the highest amount ever in 2023. This directly suggests that confidence in the cryptocurrency asset market is currently at its peak. Could there be positive developments around spot Bitcoin ETF approval in 2024? Santiment data shows the following:

“Bitcoin whales and sharks, defined as wallets with 10 to 10K BTC, have currently amassed their highest amount in 2023, at 13.03 million BTC.”

Previously, COINOTAG reported that the U.S. SEC had postponed the applications of BlackRock and Bitwise. This was followed by the postponement of the Invesco application on September 28, 2023. This makes it a tally of four out of seven total spot ETF applications already being delayed.

Will BTC Price Rise?

With the U.S. Congress lacking a plan to prevent a government shutdown affecting millions of federal government workers, there is a widespread belief that there might be an opportunity for the BTC price to surpass $30,000. This is based on developments surrounding the U.S. banking crisis in the first quarter of 2023, which boosted the BTC price. However, it remains uncertain whether U.S. legislative bodies will prepare a spending plan in the near future.