- With the expected approval of Bitcoin ETF likely to come this Wednesday, on January 10, reports suggest that whales are accumulating BTC, attempting to capture the maximum supply.
- In the last two days, this informed investor strategically made purchases, acquiring 1,750 BTC from the popular exchange Binance at a price of $43,953 per Bitcoin.
- To successfully launch spot-backed Bitcoin ETF trading, two key technical requirements need to be met.
While awaiting a decision on spot Bitcoin ETFs in the United States, the accumulation of BTC by whales is drawing attention.
Whales Accumulate BTC with ETF Expectations
With the expected approval of Bitcoin ETF likely to come this Wednesday, on January 10, and reports indicating that whales are attempting to capture the maximum supply, on-chain indicators show that whale transactions have reached the highest levels in the last 18 months since June 2022. A conscious whale in the crypto market is making a strategic move, according to on-chain data provider.
In the last two days, this informed investor strategically made purchases, acquiring 1,750 BTC (worth $76.9 million) from the popular exchange Binance at a price of $43,953 per Bitcoin. This recent accumulation follows a larger-scale initiative by the same whale. During the period from August 24 to September 2, this whale accumulated a significant amount of 6,000 BTC (worth $158.66 million) at an attractive price of $26,444 for each Bitcoin.
Taking advantage of market conditions, the whale deposited 3,000 BTC (worth $105.7 million) back to Binance when the price reached $35,241, resulting in a significant profit of $26.4 million. According to the latest data, the smart whale currently holds a total of 4,750 BTC, valued at $207.4 million. This strategic maneuver indicates that the whale adopts a calculated and opportunistic approach in the crypto market.
Awaiting ETF Approval
This week brings a critical period for the long-awaited launch of Bitcoin exchange-traded funds (ETFs) in the United States, with several high-risk deadlines approaching. According to Bloomberg, potential Bitcoin ETF issuers have until Monday morning in Washington to make the final adjustments to their applications.
To successfully launch spot-backed Bitcoin ETF trading, two key technical requirements need to be met. Firstly, the Securities and Exchange Commission (SEC) needs to approve the 19b-4 applications submitted by exchanges listing the ETFs. Secondly, regulators must approve the relevant S-1 forms, which are the application documents for future issuers, including industry giants like BlackRock and Fidelity.
According to Bloomberg, the SEC is planning to vote on exchanges’ 19b-4 applications in the coming days. Following this, the regulator may decide on the S-1 applications of issuers, likely within the same timeframe. If the SEC approves both requirements, ETFs could start trading on the next business day.
