The cryptocurrency market is experiencing heightened anticipation as investors eagerly await the Securities and Exchange Commission’s (SEC) decision on whether to approve the country’s first spot Bitcoin exchange-traded fund (ETF). Expected as early as next week, this decision holds the potential to significantly impact the price and adoption of Bitcoin and other cryptocurrencies.
While the market holds its collective breath, large holders, commonly known as whales, are making noteworthy moves in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). According to data from Whale Alert, a crypto data tracker, the last 24 hours have seen several substantial transfers of BTC, ETH, and DOGE.
Whale Alert reported three significant ETH transactions of 14,648 ETH, 20,997 ETH, and 10,051 ETH, respectively. Additionally, eight large BTC transactions ranging from 1,101 to 1,108 BTC have been observed, migrating to Robinhood (NASDAQ: HOOD) within the past 24 hours. Notably, Bitcoin experienced its most substantial spike in transactions over $100,000 in nearly two years, with 16,900 large transactions providing insights into potential whale activity and their positioning in the crypto market.
Two massive DOGE transactions involving 883,016,276 DOGE and 307,491,734 DOGE moved between wallets, indicating that whales may be either accumulating or distributing their assets based on their outlook and strategy.
As speculation about Bitcoin exchange-traded fund approval intensifies on social media, there are rumors that the SEC might authorize a Bitcoin ETF as soon as today. Grayscale’s Chief Legal Officer, Craig Salm, sparked speculation with a tweet mentioning the completion of forms. However, Bloomberg ETF analyst James Seyffart dismissed the talk of an earlier approval, maintaining expectations for official Bitcoin ETF approval orders between January 8 and 10.
Among the 14 issuers bidding for a spot Bitcoin ETF are prominent names such as BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity. The outcome of the SEC’s decision and the ensuing market reactions remain key focal points for the cryptocurrency community in the days ahead.
