Bitcoin Whale Amasses Over $500M Worth of Bitcoin
Since the beginning of the year, a massive Bitcoin whale has accumulated over $500 million worth of Bitcoin. The whale’s dollar-cost averaging strategy has proven successful, with an unrealized profit exceeding $126 million.
Optimism Surrounding BlackRock’s Proposed iShares Spot Bitcoin ETF
The price of Bitcoin has surged by more than 120% this year, trading above the $37,000 mark. This surge is partly attributed to optimism surrounding the potential approval of BlackRock’s proposed iShares spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Impact on Bitcoin Price
Earlier this year, when it was discovered that the ETF was listed on the Depository Trust & Clearing Corporation (DTCC), optimism grew, causing Bitcoin’s price to surge. Analysts believe this listing is part of the process of launching an ETF.
Whale’s Accumulation Strategy
As BTC’s price continued to rise, a whale managed to accumulate 14,599 BTC at an average price of $28,071 per token. With BTC’s current price level, they now have an unrealized profit of over $126 million according to on-chain analysis service Lookonchain.
Rapid Wallet Filling and Price Predictions
Data from Bitinfocharts revealed that the whale’s wallet, which was empty until January 17, started filling rapidly as BTC surged past $20,000. A recent report from Matrixport suggests that Bitcoin is now in its fifth bull cycle and includes a BTC price prediction targeting $125,000 by the end of next year.
Potential Impact of BlackRock’s Spot Bitcoin ETF Approval
The report analyzed the potential impact the approval of BlackRock’s spot Bitcoin exchange-traded fund (ETF) could have on the cryptocurrency space. It suggested that BTC could surge to $56,000 if approved. A spot Bitcoin ETF would provide a regulated and mainstream investment vehicle for investors to get exposure to Bitcoin without owning the cryptocurrency directly.
Hot Take: Continued Growth Expected for Bitcoin
The accumulation strategy used by a massive Bitcoin whale has proven successful as they amass over $500 million worth of BTC. Optimism surrounding BlackRock’s proposed iShares spot Bitcoin ETF and a recent report predicting continued growth for Bitcoin further fuel this success. As momentum grows and mainstream investment vehicles become available, further gains are anticipated for the cryptocurrency market.
By
By
By
By
By