Investors and the market are closely monitoring the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) between January 8-10. As expectations grew, notable developments emerged involving influential assets, including strategic moves by Lookonchain’s smart whale and the significant Coinbase stake sales by Cathie Wood-led ARK Invest.
Smart whale buys Bitcoin
Ahead of the SEC’s expected approval of spot Bitcoin ETFs, Lookonchain reported notable activity from a smart whale. Latest data reveals that the whale purchased 1,750 BTC on Binance, equivalent to $76.9 million, in the last two days. This move signals a positive sentiment regarding potential ETF approval as the whale strategically accumulates Bitcoin at $43,953 per coin. This smart whale has a history of successful BTC trading and previously made a profit of $26.4 million by selling 3,000 BTC between August 24 and September 2.
ARK Invest sells Coinbase stake
Another person known as the Bitcoin whale is Cathie Wood. Cathie Wood’s ARK Invest continues to make strategic adjustments to its portfolio, with the latest move including the sale of 133,823 Coinbase shares on Jan. 5. This divestiture, valued at approximately $20.6 million, adds to ARK’s previous selloff of Coinbase shares in recent weeks. . Despite these sales, ARK Invest netted approximately $78 million from divestitures of Coinbase shares in December and January alone.
Recent transactions include the acquisitions of Palantir Technologies and Iridium Communications, as well as the sale of Stratasys holdings. Despite these changes, Coinbase remains a key part of ARK’s ETFs, accounting for more than 10% of the ARKK, ARKW, and ARKF portfolios. This move comes as the crypto community eagerly awaits the SEC’s decision on the approval of the first spot Bitcoin exchange-traded fund for US investors.
SEC decision approaching
Wood’s ARK Invest is among 14 companies that have filed for a spot BTC ETF with the SEC. ARK’s spot Bitcoin ETF, ARK 21Shares, was developed in collaboration with Swiss firm 21Shares, which offers cryptocurrency exchange-traded products. ARK and 21Shares were the first to send out updates on spot Bitcoin ETF filings ahead of the SEC’s Dec. 29 deadline. On January 4, ARK 21Shares Bitcoin ETF filed a registration statement with the SEC, and the SEC has until January 10 to approve or deny the ETF application.
As the SEC’s decision on spot Bitcoin ETFs approaches, both Lookonchain’s smart whale and ARK Invest’s strategic moves point to a dynamic and responsive market. Investors are carefully observing these developments and are aware of the potential impact on cryptocurrency markets and the broader financial environment. The coming days promise significant changes and opportunities in the cryptocurrency space.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.