Bitcoin Whales Move 12K BTC Amid Chance Of Early Nod To Spot ETF
In what could potentially be a setup for bear trap amid hopes of an early approval of the spot Bitcoin ETF, BTC whales have transferred large holdings to crypto exchange Coinbase. This comes after Grayscale, which is expected to be among the first ETF seekers to get the nod from the U.S. Securities and Exchange Commission (SEC), amended its ETF filing.
Know More: Grayscale Makes Amended Bitcoin ETF Filing After Silbert’s Exit
BTC Dumping Ahead?
On Tuesday, December 26, 2023, Whale Alert noted on X platform that the Bitcoin whales transferred a total of nearly 12,000 coins over a few transactions in a span of few hours. Whale Alert notified that 3,110 BTC, 3,112 BTC, 4,470 BTC and 500 BTC were transferred from unknown wallet to Coinbase.
Although this kind of activity is generally associated with bearish sentiment and investors willing to be risk averse in volatile times, it could also be a bear trap to facilitate aggressive buying at low price. This could be supported by the potential approval of Bitcoin ETF as early as Friday, 29 December 2023, crypto enthusiast Chad Steingraber said.
What Next For BTC Price & Bitcoin ETF
Although Grayscale’s amendment to go with cash creates redemption model is a move in the direction of potential early approval, the US SEC may likely take time until the January 10, 2024 deadline to announce all the approvals at once, to avoid giving a single company or a batch of few the first mover advantage. On the other side, approvals in batches could be associated with a single date from which the ETF issuers could launch the product.
Earlier, CoinGape reported that the SEC gave a notice on making Friday, December 29, 2023, as the final deadline for making amendments to the spot ETF filings. Hence, it remains to be seen how the Bitcoin (BTC) Price reacts following the filings submitted until the Friday deadline.
Also Read: Mt. Gox’s Alleged Double PayPal Payments Spark Speculation on Reddit
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
