Bitcoin ETF Approval Expected Soon
The approval for a Bitcoin exchange-traded fund (ETF) is likely to come this Wednesday, January 10. Whales in the crypto market are making efforts to acquire as much Bitcoin as possible. On-chain indicators show that whale transactions have reached their highest levels in 18 months.
Bitcoin Whale Buys 1,750 BTC
An astute investor in the crypto market has strategically acquired 1,750 BTC (worth $76.9 million) from Binance, one of the popular exchanges. The purchases were made at a price of $43,953 per Bitcoin. This recent accumulation follows a larger-scale initiative by the same whale, who bought 6,000 BTC ($158.66 million) at a favorable price of $26,444 per Bitcoin.
The whale took advantage of market conditions and deposited 3,000 BTC ($105.7 million) back into Binance when the price reached $35,241, resulting in a significant profit of $26.4 million. Currently, the smart whale holds a total of 4,750 BTC valued at $207.4 million.
ETF Approval Deadline Approaching
This week is crucial for the launch of Bitcoin-backed exchange-traded funds (ETFs) in the United States. Bloomberg News reports that prospective Bitcoin ETF issuers have until Monday morning to make final adjustments to their applications. The success of spot-backed Bitcoin ETF trading depends on two key requirements: SEC approval for the exchanges’ filings and greenlighting of registration applications from issuers like BlackRock and Fidelity.
The SEC is expected to vote on the exchanges’ filings soon and may decide on the issuers’ applications around the same time. If both sets of requirements are approved, ETF trading could begin the next business day.
Hot Take: Bitcoin ETF Approval Imminent, Whales Accumulating
The approval of a Bitcoin ETF is on the horizon, with whales in the crypto market actively accumulating more Bitcoin. The recent strategic purchases by a discerning whale indicate their calculated approach to navigating the cryptocurrency market. Additionally, all eyes are on the SEC as they approach critical deadlines for approving the ETF filings and registration applications. If approved, Bitcoin-backed ETFs could soon be available for trading, potentially impacting the crypto market significantly. With increasing interest from institutional investors and regulatory developments, the future of Bitcoin and its associated financial products is becoming increasingly exciting.
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