Investors in the cryptocurrency market are on edge as they await the Securities and Exchange Commission’s (SEC) decision on whether to approve the United States’ first Bitcoin spot exchange-traded fund (ETF). The decision, anticipated as early as next week, carries the potential for a significant impact on the price and adoption of Bitcoin and other cryptocurrencies.
As the market awaits the SEC‘s decision, large holders, commonly referred to as whales, are making notable moves in major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). According to data from Whale Alert, a crypto data tracker, substantial transfers of BTC, ETH, and DOGE have been recorded in the last 24 hours.
Whale Alert reports three substantial ETH transactions of 14,648 ETH, 20,997 ETH, and 10,051 ETH. Additionally, eight significant BTC transactions ranging from 1,101 to 1,108 BTC have migrated to Robinhood in the past 24 hours. Furthermore, Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years, with 16,900 large transactions providing insights into potential BTC whale activity.
Two massive DOGE transactions involving 883,016,276 DOGE and 307,491,734 DOGE indicate that whales are actively managing their assets, potentially accumulating or distributing based on their outlook and strategy.
Amidst the heightened anticipation for the SEC’s Bitcoin ETF decision, speculation on social media has suggested the possibility of an earlier authorization, with Grayscale’s Chief Legal Officer Craig Salm’s tweet fueling such discussions. However, Bloomberg ETF analyst James Seyffart dismissed the talk, emphasizing his expectation for official Bitcoin ETF approval orders between January 8 and 10.
Notably, BlackRock (NYSE: BLK), Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity are among the 14 issuers vying for approval of a spot Bitcoin ETF.
