BTC Whales Return As Blackrock Makes Bitcoin ETF Approval ‘Key Priority’

As the U.S. Securities and Exchange Commission’s (SEC) deadline spot Bitcoin ETF decision making nears, firms seeking the approval are queuing up to hold meetings with the Commission officials. This comes amid Bitcoin (BTC) Price uptrend as the anticipation grows in favor of the first ever BTC ETF in the United States.

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Bitcoin ETF Is Key Corporate Priority

Investment manager Blackrock appears particularly keen on having discussions with the agency. The firm has been one of the first to have filed for a spot ETF with the SEC, in June 2023. Clearance for BlackRock Bitcoin ETF could mean a huge institutional exposure to the crypto ecosystem, considering that the firm manages investments to the tune of 9 trillion dollars. Meanwhile, reports suggest that the firm is highly focused on obtaining the approval. FOX Business said in its report:

“Blackrock has made receiving SEC approval for its proposed bitcoin ETF a key corporate priority.”

With the most recent meeting on December 19, 2023, Blackrock clocked as many as three meetings with the Commission officials in a space of just 7 business days. Also, Grayscale, which is seeking the conversion of its Grayscale Bitcoin Trust (BTC) into a spot ETF, also met with the US SEC on December 19, 2023. Fidelity, Valkyrie, WidomTree, Bitwise are also among the companies vying for the ETF approval.

BTC Whales Return

Meanwhile, on chain data shows that the Bitcoin whales took a re-entry into positions on December 20, 2023, in what could also possibly be a catalyst to BTC price reaching the $44,000 level. Data shows that as many as 22 whale wallets took positions, ending a steady decline in the number of Bitcoin wallets with over 100 BTC over the last 2 weeks. Will Bitcoin price recover the $44,270 level and then breach the 16 month high of $44,500 in the days to come?

Earlier, QCP Capital gave an update stating that the spot BTC ETF approval could become a reality in less than three weeks, CoinGape reported. Hence, the ETF approval in January 2024 and the subsequent Bitcoin Halving in the second quarter of 2024 could trigger significant upside to BTC price.

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