Anticipation is high regarding the potential approval of the United States’ first spot Bitcoin ETF by the Securities and Exchange Commission (SEC), with recent reports suggesting that approval may be imminent. This has triggered significant activity among cryptocurrency whales. Data from Spot On Chain reveals that two anonymous whales have purchased a total of 1,755 BTC worth $77.1 million from Binance in the past two days.
Amidst the competitive race to launch a spot Bitcoin ETF in the U.S., BlackRock, the world’s largest asset management firm, is reportedly awaiting approval for its spot Bitcoin ETFs on January 10th. Following this news, the two whales’ transactions were identified.
The first whale, using an anonymous wallet address starting with bc1pj…, accumulated 1,750 BTC valued at $76.9 million, averaging $43,953 per Bitcoin. This whale profited $26.4 million from the transaction and currently holds 4,750 BTC worth $207 million in their wallet.
The second whale, with a wallet address starting with 3MVqp…, recently made a likely test purchase of 5 BTC for $217,000 at $43,426 each. Spot On Chain noted the possibility of further BTC purchases by the whale. Chain analysis shows the whale has made three profitable Bitcoin trades in 2023, cumulatively earning $61 million.
Experts have mixed views on the aftermath of the approval of the U.S.’s first spot Bitcoin ETF. Some anticipate a “buy the rumor, sell the news” scenario, while others expect a bull market trigger due to increased individual and institutional demand for Bitcoin through regulated spot ETFs and the upcoming fourth block reward halving. Analysts from Oppenheimer, Bitwise, and JPMorgan comment on the potential market signals and support for a rally, while Onramp Invest CEO Tyrone Ross suggests that the market reaction could be intriguing in the medium to long term.
