The number of large Bitcoin transactions exceeding $100,000 has surged to levels last seen in June 2022 during the first week of the new year, sparking excitement in the cryptocurrency market. Historically, such increases in transaction volume have indicated heightened volatility in Bitcoin and altcoins.
Blockchain analytics platform Santiment reported the rise in large Bitcoin transactions, suggesting that increased whale activity often signals significant price movements. Large transactions are typically executed by influential cryptocurrency investors known as whales, whose actions and investment strategies are closely monitored by the market.
The largest cryptocurrency, Bitcoin, is currently trading within a relatively narrow $1,000 range in the last 24 hours, with a slight decrease of 0.38%, priced at $43,704. Its highest and lowest price levels during this period were $44,770 and $42,784, respectively.
Market observers anticipate the U.S. Securities and Exchange Commission (SEC) to approve all pending spot Bitcoin ETFs by January 11, especially following last-minute 19b-4 amendments submitted by ETF issuers on January 5.
To date, companies such as Franklin Templeton, Invesco Galaxy, Grayscale, BlackRock, Valkyrie, WisdomTree, Fidelity, Bitwise, Hashdex, VanEck, and ARK 21Shares have submitted their 19b-4 amendments for ETF applications to the SEC, fueling expectations for approval.
