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.”
Picked for you
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.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.