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COINTURK NEWS > Bitcoin (BTC) > Anticipation of Volatility in Bitcoin Market Amid ETF Developments and Whale Activities
Bitcoin (BTC)

Anticipation of Volatility in Bitcoin Market Amid ETF Developments and Whale Activities

In Brief

  • Market observers expect volatility due to on-chain activities and SEC influence.

  • BlackRock awaits SEC's decision on spot Bitcoin ETF by January 10.

  • Increased whale activities signal potential market volatility in the near term.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Market observers are expecting some volatility in Bitcoin prices. Reasons include an increase in on-chain activities and the impact of the upcoming spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). The world’s largest asset manager, BlackRock, is expecting positive news from the financial regulator regarding the spot Bitcoin ETF application by January 10.

Contents
What’s Happening in the ETF Process?Notable Increase in Whale Activities

What’s Happening in the ETF Process?

Bloomberg senior ETF analyst Eric Balchunas stated that SEC Chairman Gary Gensler would not oppose the launch of a Bitcoin ETF product. Balchunas highlighted that Gensler has no significant reason to reject and has instructed SEC officials to engage with Bitcoin ETF applicants:

“Gensler is the person who directed the staff to spend thousands of hours working on the issue with 11 issuing companies and most recently told them to line up these for product launch.”

This view comes after a series of discussions and meetings with Bitcoin ETF applicants by the SEC, which resulted in numerous changes. Notably, BlackRock was among the applicants who submitted a 19b-4 amendment to the SEC on January 5.

Notable Increase in Whale Activities

In addition, an unidentified person attracted attention by sending more than 1 million dollars in Bitcoin to Satoshi Nakamoto’s wallet. The individual’s act of purchasing the assets from Binance and transferring them to Nakamoto’s wallet created curiosity and speculation within the crypto community.

This transaction led to various rumors, from the potential re-emergence of Nakamoto to an unusual marketing strategy related to the impending Bitcoin ETF approval. Conor Grogan, a director at Coinbase, commented on the matter:

“Either Satoshi woke up and bought 27 Bitcoins from Binance and deposited them into his wallet, or someone burned a million dollars.”

This mysterious transaction, along with increasing activities among Bitcoin whales, indicates that market volatility may increase soon. Blockchain data analytics firm Santiment reported that whale transactions have reached their highest level since June 2022. According to the firm, the rising whale activity is fueling expectations of upcoming market volatility and uncertainty:

“With whale transactions reaching their highest level since June 12, 2022, some volatility could be experienced. When whale activities increase, prices typically signal the onset of a breakout cycle.”

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 7 January, 2024 - 10:38 pm 7 January, 2024 - 10:38 pm
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