A wallet address has been continuously buying Bitcoin (BTC) for many weeks, making the community excited.
Someone has quietly accumulated $424 million in Bitcoin over the past 3 weeks. Photo: SchiffGold
Taking data from Bitinfocharts , the owner of an anonymous wallet has spent $427 million to buy 11,269 Bitcoin since November 10, and is currently the 74th largest BTC holder on the market.
The whale wallet address is holding about 11,269 BTC. Source: Bitinfocharts
On November 29 alone, that person bought 875 Bitcoins. With purchase prices ranging from $36,000 to $38,000, this whale account is sitting on a profit of $9.8 million.
Someone investigated the identity of the above wallet belonging to BitMEX, based on the reserve asset information listed on the website by the exchange.
This is BitMEX.
— Crypto Fisto-Roboto (@f1storoboto) November 29, 2023
You can confirm this yourself by going to the BitMEX PoRL page https://t.co/NmHqW6tvCg and downloading the reserves YAML, you will see this address listed. https://t.co/3fau82QZVw
Others speculate that the above wallet is related to large asset management companies in the US, and they are hoping that the SEC will soon approve a Bitcoin spot ETF. However, could it be that such an obvious move to "clear the way" could bypass the management agency?
When Blackrock's Bitcoin ETF is approved, they will need to acquire several hundred thousand BTC to fulfill end customer demand. There is no way they can acquire this much Bitcoin without moving the price significantly. This is the core issue they are actively working on now.
— Jason A. Williams (@GoingParabolic) November 28, 2023
If a spot ETF is approved, fund managers will have to own and hold large amounts of Bitcoin to meet investor demand. This is different from synthetic products like CME futures, which are essentially just trading contracts representing certain underlying assets.
According to Gabor Gurbacs - VanEck's advisor - "giving the green light" to a spot ETF will create "trillions of dollars in value" even if the minimum demand is only about 20 to 30 billion USD.
The approval of a US spot Bitcoin ETF may create $ Trillions in value with minimal flow ($20-30 Billion). On November 18, 2004, the SPDR (State Street) Gold ETF (GLD) was introduced.
— Gabor Gurbacs (@gaborgurbacs) November 29, 2023
In the subsequent 8 years gold's price quadrupled+ from $400 to $1,800 adding ~$8 Trillion in… pic.twitter.com/vl7qEH2J3E
The SEC recently consulted with the public on whether they should approve Franklin Templeton and Hashdex 's Bitcoin spot ETF proposal. Meanwhile, January 1 is supposed to be the deadline for the SEC to make the next decision on these two files. The SEC's unexpected move continues to push up expectations for a Bitcoin spot ETF to appear early next year, which Bloomberg experts once estimated had an approval rate of up to 90% .
And also thanks to the ETF fever in the US, the king coin of the crypto market has continuously set new achievements this year . The highest price range that Bitcoin returned to conquer was 38,450 USD.
3D graph of the BTC/ USDT pair on Binance at 11:20 AM on November 30, 2023
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