- Over the past week, Bitcoin whales acquired over 30,000 BTC, equivalent to approximately $1 billion, signaling aggressive accumulation.
- Investment firm VanEck’s resubmission for a spot Bitcoin ETF with the SEC, following other financial giants like BlackRock, highlights the strong demand for this product.
The world’s largest cryptocurrency Bitcoin (BTC) has been flirting around $35,000 levels and seems to be entering a strong consolidation phase. However, on-chain data shows that whale activity and institutional interest in the cryptocurrency continue to grow.
Bitcoin whales have made notable moves in the cryptocurrency market, according to cryptocurrency analyst Ali. Over the past week, these significant players have acquired over 30,000 BTC, equating to about $1 billion in value, indicating a strong trend of aggressive accumulation.
#Bitcoin whales have purchased over 30,000 $BTC within the last five days, worth nearly $1 billion! pic.twitter.com/oclJBY5j6a
— Ali (@ali_charts) October 28, 2023
This accumulation aligns with the growing anticipation and enthusiasm surrounding Bitcoin spot ETF applications. The quest for Bitcoin ETFs has ignited substantial interest in the crypto sphere, especially among institutional investors and whales.
Analyzing this trend, blockchain analytics platform IntoTheBlock has observed a substantial increase in institutional activity associated with Bitcoin, the largest cryptocurrency by market cap. Particularly noteworthy is the surge in transactions involving sums exceeding $100,000 on the Bitcoin blockchain, marking a 2023 peak. This increase in large transactions initially followed BlackRock’s ETF application and has continued to rise, coinciding with Bitcoin achieving new annual highs.
As of now, Bitcoin has witnessed an impressive year-to-date gain of over 100%, suggesting the possibility of entering a new bull market phase.
Spot Bitcoin ETF Developments
In a significant development underscoring the surging demand for a spot Bitcoin ETF, renowned investment firm VanEck has once again put forward an application to the U.S. Securities and Exchange Commission (SEC). This resubmission follows the footsteps of other financial giants like BlackRock, all in pursuit of a share in the highly sought-after cryptocurrency market.
A spot Bitcoin ETF has garnered immense interest from investors worldwide as it provides a streamlined and regulated vehicle for gaining exposure to Bitcoin, the leading cryptocurrency.
The statement of former SEC Chair Jay Clayton, asserting the “inevitability” of approval for such a product, reflects a shifting sentiment within the regulatory landscape. SEC Commissioner Hester Peirce, affectionately known as “Crypto Mom,” has been a vocal proponent of a spot Bitcoin ETF.
Galaxy Digital, a cryptocurrency investment firm, has expressed bullish expectations for the potential success of spot Bitcoin ETFs. However, there have been some contrarian views as well in the market.
Popular Bitcoin critic Peter Schiff has commented that Bitcoin’s spot ETF rally would conclude with the final approval by the SEC. The EuroPac chief believes that once BTC obtains approval for a spot ETF product, the rally will lose momentum.
He also mentioned the potential scenario where cryptocurrency traders might start selling off and capturing profits in anticipation of the upcoming SEC approval.
#Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn’t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.
— Peter Schiff (@PeterSchiff) October 24, 2023
Analysts have been giving bullish calls for BTC as we approach the month of November. Captain Faibik, a prominent crypto analyst on the X platform, has expressed optimism about Bitcoin’s potential to confront the resistance zone ranging from $38,000 to $39,000 following the bullish closure of last week.
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