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Whales Accumulate BTC Ahead of SEC’s Spot Bitcoin ETF Decision!

  • 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

bitcoin-btc

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.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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