Market observers anticipate volatility in Bitcoin prices due to increased on-chain activities and the potential impact of an upcoming spot Bitcoin ETF approval by the SEC. BlackRock, the world’s largest asset manager, is awaiting positive news from financial regulators regarding its spot Bitcoin ETF application by January 10.
Bloomberg senior ETF analyst Eric Balchunas noted that SEC Chairman Gary Gensler is not opposed to the introduction of a Bitcoin ETF product. Gensler has instructed SEC officials to engage with Bitcoin ETF applicants, indicating no significant reason for rejection.
This perspective follows a series of discussions and meetings between the SEC and Bitcoin ETF applicants that resulted in numerous amendments. Notably, BlackRock submitted a 19b-4 amendment to the SEC on January 5.
Additionally, an unidentified person drew attention by transferring over $1 million in Bitcoin to Satoshi Nakamoto’s wallet. The transaction, originating from Binance, sparked curiosity and speculation within the crypto community.
The mysterious transaction, along with increased whale activity, signals potential market volatility. Blockchain data analytics firm Santiment reported that whale transactions have reached their highest level since June 2022, suggesting an upcoming breakout cycle in prices.