Cryptocurrency Market Awaits SEC Decision on ETF Approval
The cryptocurrency market is eagerly anticipating the Securities and Exchange Commission’s (SEC) decision on the approval of the country’s first spot (ETF). The decision, expected as early as next week, could have a significant impact on the price and adoption of Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
While investors await the SEC’s decision, large holders known as whales are making significant moves in the cryptocurrency market. Data from a crypto data tracker, Whale Alert, reveals several massive transfers of BTC, ETH, and DOGE in the past 24 hours.
Whale Alert reports three massive transactions of 14,648 ETH, 20,997 ETH, and 10,051 ETH, as well as eight large BTC transactions ranging from 1,101 to 1,108 BTC migrated to Robinhood in the last 24 hours. Additionally, Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years, with 16,900 large transactions recorded in the past 24 hours.
Furthermore, two massive transactions involving 883,016,276 DOGE and 307,491,734 DOGE moved between wallets were also recorded. These transactions imply that whales are either accumulating or distributing their assets based on their outlook and strategy.
Speculations about the approval of a Bitcoin exchange-traded fund (ETF) have reached a boiling point on social media, with some anticipating approval as early as today. However, Bloomberg ETF analyst James Seyffart dismissed much of the talk concerning a much earlier approval as noise, stating that he still expects approval between Jan. 8 and 10.
Notably, BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity are among the 14 issuers bidding for a spot Bitcoin ETF.
This article was originally published on U.Today
