Market observers expect some volatility in the Bitcoin (BTC) price. Reasons for this include a surge in on-chain activity and the impact of an impending spot Bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC).
BlackRock expects positive news from the financial regulator by January 10 regarding its spot Bitcoin ETF application. Interestingly, this date coincides with the SEC’s deadline for approving or rejecting the spot Bitcoin ETF application for ARK 21 Shares.
The decision on the Bitcoin ETF is imminent
Bloomberg senior ETF analyst Eric Balchunas explained that SEC Chairman Gary Gensler likely has no objection to launching a Bitcoin ETF. He noted that Gensler had no substantive reasons for the rejection, citing his proactive direction to SEC staff to work with Bitcoin ETF applicants.
“[Gensler] is literally the one who instructed staff to invest thousands of man-hours working with 11 issuers on 5 to 10 rounds of comments and most recently informed them that they were posting them for publication on January 11, 2011 want to bring to the market,” Balchunas added.
Read more: How to Prepare for a Bitcoin ETF: A Step-by-Step Approach
This finding follows a series of SEC discussions and meetings with Bitcoin ETF applicants that resulted in several changes. Notably, BlackRock was among the many filers who filed a 19b-4 amendment with the SEC on January 5th.
Satoshi Nakamoto wakes up
Meanwhile, an intriguing incident occurred when an unknown person transferred more than $1 million worth of BTC to Satoshi Nakamoto's wallet.
The person acquired the assets from Binance and transferred them to Nakamoto's wallet, sparking curiosity and speculation in the crypto community. This transaction led to a variety of speculations, ranging from the possible resurgence of Nakamoto to an unconventional marketing strategy related to the upcoming Bitcoin ETF.
“Either Satoshi woke up, bought 27 Bitcoins from Binance and deposited them into her wallet, or someone just burned through a million dollars,” said Conor Grogan, a director at Coinbase.
Additionally, increased activity among Bitcoin whales, including this enigmatic transaction, suggests an impending spike in market volatility. Blockchain security firm Santiment noted that whale transactions have reached their highest level since June 2022.
According to the company, increased whale activity is fueling anticipation of impending market volatility and uncertainty.
“There may be some volatility as whale transactions reach their highest level since June 12, 2022. When whale activity increases, prices often indicate a cycle break,” Santiment said.
Bitcoin whale activity. Source: Santiment
Bitcoin price remained subdued for much of this weekend. BTC briefly surpassed $44,000 in the last 24 hours before falling back to $43,986.
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