The cryptocurrency market is on tenterhooks as investors await the Securities and Exchange Commission’s (SEC) decision on whether it will approve the country’s first spot Bitcoin exchange-traded fund (ETF). According to experts, this decision will likely have a significant impact on Bitcoin and altcoin prices. Amid these developments, crypto whales are carrying large amounts of BTC, ETH and DOGE.
Have cryptocurrency whales increased their activities?
cryptokoin.comAs you follow from , the market is eagerly awaiting the approval of a spot Bitcoin ETF. Experts evaluate that this approval will have significant effects on the market. That’s why cryptocurrency whales took action ahead of possible approval. While the market waits, large holders known as whales are making moves for major cryptocurrencies. These are: Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE). According to data from Whale Alert, a crypto data tracker, whales have made several large BTC, ETH and DOGE transfers in the last 24 hours.
Whale Alert reported three large transactions of 14,648 ETH, 20,997 ETH, and 10,051 ETH in recent hours. Whale tracker also reported that eight large BTC transactions ranging from 1,101 to 1,108 BTC went through Robinhood in the last 24 hours. Popular cryptocurrency analyst Ali Martinez also drew attention to Bitcoin transactions in the last 24 hours. The analyst noted that it was the largest increase in transactions above $100,000 in nearly two years.
The analyst says these 16,900 large transactions could serve as a proxy for BTC whale activity. He also states that this can give insight into how major players can position themselves in the crypto market. Two large transactions involving 883,016,276 DOGE and 307,491,734 DOGE moved between wallets were also recorded. These transactions mean that whales accumulate or distribute their assets according to their perspectives and strategies.
Bitcoin ETF approval speculation increases
There are expectations that the SEC will allow a spot Bitcoin exchange-traded fund (ETF) today. That’s why speculation on cryptocurrency social media has reached boiling point. Grayscale’s Chief Legal Officer, Craig Salm, explained that he was “just filling out some forms.” This led to speculation that the permit would come much earlier than the expected date of January 8-10. But Bloomberg ETF analyst James Seyffart doesn’t expect approval much sooner. Seyffart describes most of the talk about this as noise. In this regard, he says that he is still waiting for approval between January 8-10. Regarding the issue, Seyffart said the following in a post he made yesterday:
There is so much noise about tomorrow. I’m sticking to this. I don’t expect official Bitcoin ETF confirmation orders tomorrow. I’m still waiting between January 8-10.
BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise and Fidelity are among the 14 issuers bidding for the spot Bitcoin ETF. According to experts, such giant companies applying for ETF increases the likelihood of SEC approval.
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