With the cryptocurrency community eagerly waiting to see if the United States Securities and Exchange Commission (SEC) will finally approve the first spot Bitcoin (BTC) exchange-traded fund (ETF), the maiden crypto asset is witnessing a massive spike in whale transactions.
Specifically, in the 24 hours before press time, Bitcoin has experienced its greatest increase in transactions amounting to over $100,000 in almost two years, according to the observations by a prominent crypto market expert Ali Martinez, shared in an X post on January 5.
Indeed, Martinez’s chart shows that there were 16,900 transactions of over $100,000 worth of Bitcoin on January 4, and, as the professional crypto trader pointed out, these transactions “serve as a proxy for BTC whale activity, offering insights into how these major players might be positioned in the crypto market.”
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It is also worth noting that Martinez earlier noted that as many as 2.41 million crypto wallets had in their possession a total of over 1 million BTC purchased at the minimum price of $41,800, which formed a substantial support zone and supported Bitcoin’s bullish outlook as long as it stayed above it.
Bitcoin price analysis
Meanwhile, Bitcoin is currently changing hands at the price of $43,797, which represents an increase of 1.34% in the last 24 hours and a 2.14% gain across the previous seven days. At the same time, on its monthly chart, it has recorded a modest decline of 0.09%, as per the latest data.
It is also worth noting that pseudonymous crypto analyst PlanB earlier shared his predictions of Bitcoin starting its bull run toward $50,000 at its next halving, soaring to $100,000 by the end of 2024, and hitting as high as $500,000 in 2025, as Finbold reported.
All things considered, the possibility of Bitcoin’s first spot exchange-traded fund approval any day now and the upcoming halving event in April are both strong factors that may have influenced a strong uptick in whale transactions, and could, at the same time, push its price higher.
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