On-Chain Data Shows Bitcoin Shark Holdings Peak; BTC Price At $30K Soon?

Amid the rising concerns of a potential US government shutdown, the Bitcoin price shot up in the last 24 hours. This also comes at a time when the spot Bitcoin ETF filings from the likes of Blackrock, Bitwise, ARK Invest and Invesco received an expected delay from the U.S. Securities and Exchange Commission (SEC).

Also Read: Blackrock, Bitwise Spot Bitcoin ETF Filings Delayed; What Next?

Bitcoin Sharks And Whales Hold On To Bags

On chain data from Santiment shows that the Bitcoin wallets with holdings between 10 to 10,000 BTC currently have the highest amount held in the year 2023. This directly means the confidence in the crypto asset market is at its peak now. Is it because of favorable developments around spot Bitcoin ETF approval sometime in the year 2024? The Santiment data shows:

“Bitcoin sharks and whales, defined as 10 to 10K BTC wallets, have now accumulated to their highest amount held in 2023, at 13.03 million BTC.”

Earlier, CoinGape reported that the US SEC delayed the filings from Blackrock and Bitwise. This was followed by a delay on the Invesco filing too on September 28, 2023. This makes it a tally of four filings delayed already out of the seven applications for spot ETF.

BTC Price To Shoot Up?

While the US Congress does not have much time to avoid a government shutdown, lawmakers are yet to have a plan in order to avoid a pause in millions of federal government staff. Hence, it is widely believed that the BTC price may have the right opportunity to gain a trigger point beyond the $30,000 mark. This is based on the developments around US banking crisis in the first quarter of 2023 which led to a BTC price boost. However, it remains to be seen if the US lawmakers manage to stitch a spending plan in the days to come.

Also Read: XRP Lawyer Mocks SEC’s Interlocutory Appeal, Calls it “Desperate Tactics”