Bitcoin Whales Transfer Holdings to Coinbase Ahead of Potential ETF Approval
In what appears to be a possible bear trap, Bitcoin whales have moved a significant amount of their holdings to Coinbase. This comes as Grayscale, one of the frontrunners for ETF approval, made amendments to their filing with the SEC.
Possible Dumping or Strategic Move?
On December 26, 2023, Whale Alert reported several transactions where Bitcoin whales transferred a total of nearly 12,000 coins to Coinbase. While this activity is often seen as bearish, it could also be an attempt to create a buying opportunity at a lower price. Crypto enthusiast Chad Steingraber believes this could be in anticipation of an early ETF approval.
What’s Next for BTC Price and Bitcoin ETF?
Grayscale’s amendment towards a cash redemption model is a step towards potential early approval. However, it is likely that the SEC will wait until the January 10, 2024 deadline to announce all the approvals together. This strategy aims to prevent any single company from gaining a first-mover advantage. The market will closely watch BTC price movements following the Friday deadline for ETF filings.
Hot Take: Will ETF Approval Fuel a Bitcoin Rally?
The recent movement of Bitcoin holdings by whales and Grayscale’s amended filing have sparked speculation about the potential approval of a Bitcoin ETF. While this development may lead to short-term volatility, it could also attract institutional investors and drive a significant rally in BTC price. Keep an eye on the SEC’s decision and stay tuned for updates on the future of Bitcoin and its impact on the crypto market.
By
By
By
By
By