- Possibly in a situation where a bear trap could be set among early hopes for the approval of the spot Bitcoin ETF, BTC whales have transferred substantial assets to the crypto exchange Coinbase.
- On December 26, 2023, the data platform reported that Bitcoin whales transferred nearly 12,000 coins in several transactions within a few hours.
- Previously, COINOTAG reported that the SEC had set December 29, 2023, as the deadline for making changes to spot ETF applications.
As expectations for Spot Bitcoin ETFs to be approved early strengthen, it turns out that whales are making BTC transfers: Here are the details!
BTC Transfers During Bitcoin ETF Expectations
Possibly in a situation where a bear trap could be set among early hopes for the approval of the spot Bitcoin ETF, BTC whales have transferred substantial assets to the crypto exchange Coinbase. This came after Grayscale, which is expected to make the first ETF application to be approved by the U.S. Securities and Exchange Commission (SEC), corrected its ETF application.
On December 26, 2023, the data platform reported that Bitcoin whales transferred nearly 12,000 coins in several transactions within a few hours. The platform reported that 3,110 BTC, 3,112 BTC, 4,470 BTC, and 500 BTC were transferred from an unknown wallet to Coinbase.
While this type of activity is often associated with investors looking to avoid risks during a bearish trend and volatile times, it can also be a bear trap to facilitate aggressive buying at a low price. This could support the potential approval of the Bitcoin ETF, said a crypto enthusiast.
Next Steps for BTC Price and Bitcoin ETF
While the correction towards adopting Grayscale’s cash redemption model could be a sign of potential early approval, the SEC is likely to wait until January 10, 2024, to announce all approvals simultaneously. This might be done to avoid giving a first-mover advantage to a single company or a few. On the other hand, phased approvals may be associated with a single date when ETF issuers can launch their products.
Previously, COINOTAG reported that the SEC had set December 29, 2023, as the deadline for making changes to spot ETF applications. Therefore, it will be essential to see how applications submitted by Friday will be received.
