BlackRock Anticipates Approval of Bitcoin ETF on Wednesday

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BlackRock Anticipates Approval of Bitcoin ETF on Wednesday

BlackRock is among the firms that submitted updated Form 19b-4 filings last Friday for proposed physically-backed Bitcoin ETFs, alongside other organizations. The approval of Bitcoin ETFs is eagerly awaited by the crypto community, as it is anticipated to bring in billions of dollars in new funding for the cryptocurrency sector.

Whales Accumulate Bitcoin as Market Prepares for a Significant Week

Despite the decline in Bitcoin’s price, what’s intriguing is that this drop aligns with a substantial surge in trading activity by whales. According to Santiment, a total of 34,874 transactions worth over $100,000 each were recorded on January 3rd and 4th. Notably, this marks the highest level since June 2022. The previous record was set over two days in June, with over 39,000 transactions recorded.

Evidently, the frenzy is driven by smaller whales, as there is a notable surge in addresses holding between 100 to 10,000 BTC. It is highly likely that these whales reduced their holdings as short-term holders sought to capitalize on the over $45,000 increase in BTC’s value.

Currently, whales also exhibit a higher level of long-term engagement compared to retail investors on leading cryptocurrency exchanges. Data from Hyblock Capital indicates positive values for the Whale Index compared to retail investors.

The accumulation reflects the ongoing optimism of whales towards BTC. Bloomberg analyst James Seyffart reports that all 11 issuers have submitted the final version of a crucial document known as Form 19b-4. This has brought the Bitcoin ETF one step closer to becoming a reality in the United States.

Analyst Eric Balchunas notes that the final filing deadline for S-1 is Monday at 8 a.m. Eastern Time, paving the way for the SEC’s official approval on January 11th.