© Reuters. BTC, ETH and DOGE whales in the spotlight ahead of a key decision: what to watch out for
U.Today – The cryptocurrency market is on edge as investors await the Securities and Exchange Commission’s (SEC) decision on whether to approve the country’s first spot ETF.
The decision expected next week could have a significant impact on the price and adoption of other cryptocurrencies.
While the market waits, large holders known as whales are taking steps to acquire major cryptocurrencies: Bitcoin (BTC), (ETH), and (DOGE).
According to data from , a crypto data tracker, whales have made several massive transfers of BTC, ETH, and DOGE in the last 24 hours.
Whale Alert reports three massive transactions of 14,648 ETH, 20,997 ETH, and 10,051 ETH in the past few hours. Whale Alert also observed eight large BTC transactions ranging between 1,101 and 1,108 BTC migrated to Robinhood (NASDAQ 🙂 in the last 24 hours.
According to , in the last 24 hours, Bitcoin saw its largest increase in transactions over $100,000 in almost two years.
He adds that the 16,900 large transactions could serve as an indicator of BTC whale activity, offering insight into how these major players could position themselves in the cryptocurrency market.
Two massive transactions were also recorded involving 883,016,276 DOGE and 307,491,734 DOGE moved between wallets. These transactions imply that the whales are accumulating or distributing their assets based on their prospects and strategies.
Speculation Increases About Bitcoin Exchange Traded Fund Approval
On social media, speculation has reached a boiling point that the SEC could authorize an exchange-traded fund (ETF) as soon as Friday, which is today.
Grayscale Chief Legal Officer Craig Salm tweeted that he was “just filling out some forms,” prompting speculation that the authorization could come well ahead of the planned Jan. 8-10 date.
However, Bloomberg ETF analyst James Seyffart dismissed much of the rumors about a much earlier approval as noise, saying he still expects approval between January 8 and 10.
“There’s a lot of noise about tomorrow. I’m sticking with it. I’m not expecting official bitcoin ETF approval orders tomorrow. I’m still expecting them on January 8-10,” Seyffart said in a tweet.
BlackRock (NYSE 🙂, Valkyrie, ARK Invest/21 Shares, Bitwise and Fidelity are among 14 issuers bidding for a spot Bitcoin ETF.
This article was originally published on U.Today.
