Bitcoin Whale Accumulates 1,750 BTC Ahead of Bitcoin ETF Approval

The Bitcoin ETF approval shall likely come on this Wednesday, January 10, with whales making all efforts to scoop the maximum supply. As per on-chain indicators, whale transactions have hit their highest levels in 18 months since June 2022.

Bitcoin Whale Scoops 1,750 BTC

LookOnChain, an on-chain data provider, reports a strategic move by a discerning whale in the crypto market. Over the past two days, this savvy investor has acquired 1,750 BTC (equivalent to $76.9 million) from the popular exchange Binance, strategically making purchases at $43,953 per Bitcoin.

This recent accumulation follows a larger-scale initiative by the same whale, spanning from August 24 to September 2, during which they amassed a substantial 6,000 BTC (amounting to $158.66 million) at a favorable price of $26,444 per Bitcoin.

Taking advantage of market conditions, the whale deposited 3,000 BTC (equivalent to $105.7 million) back into Binance when the price reached $35,241, resulting in a significant profit of $26.4 million. As of the latest data, the smart whale currently holds a total of 4,750 BTC, valued at $207.4 million. This strategic maneuver suggests a calculated and opportunistic approach by the whale in navigating the cryptocurrency market.

All eyes on the ETF Approval

This week brings a critical juncture for the long-anticipated launch of Bitcoin-backed exchange-traded funds (ETFs) in the United States, with several high-stakes deadlines approaching. As reported by Bloomberg News, prospective Bitcoin ETF issuers have until Monday morning in Washington to make any final adjustments to their pending applications.

The successful initiation of spot-backed Bitcoin ETF trading hinges on meeting two key technical requirements. Firstly, the Securities and Exchange Commission (SEC) needs to approve the 19b-4 filings submitted by the exchanges set to list the ETFs. Secondly, the regulator must greenlight the relevant S-1 forms, the registration applications from the aspiring issuers, which include industry giants like BlackRock and Fidelity.

Bloomberg News reports that the SEC is slated to vote on the exchanges’ 19b-4 filings in the coming days. Following this, the regulator may decide on the issuers’ S-1 applications, potentially aligning with the same timeframe. If the SEC grants approval for both sets of requirements, the ETFs could commence trading as early as the subsequent business day.