Crypto News– The fifth-largest Bitcoin holding address, also known as “37X,” recently transferred over $6 billion worth of BTC to three new addresses, marking the first such movement since 2019.
What Happened Crypto Markets Today- 26 March Crypto News
The whale moved nearly its entire balance of 94,500 Bitcoin, valued at $6.05 billion, on March 23, leaving only 1.4 BTC in the original address, according to a March 25 report from Arkham Intelligence. Despite Bitcoin’s price hitting an all-time high before the halving, the forthcoming reduction in supply issuance is still not fully factored into the market, as noted by the co-founder of D8X decentralized exchange and former executive director at UBS in a statement to Cointelegraph.
The fifth-richest whale moved over 6 billion Dollars worth of BTC
A significant Bitcoin holder has transferred more than $6 billion worth of the cryptocurrency, marking the first such movement since 2019. Grayscale, a prominent asset manager, expresses optimism about the approval of spot Ether exchange-traded funds (ETFs) in May, despite what they perceive as limited involvement from regulators. Concurrently, the amount of Bitcoin available on Coinbase has dropped to its lowest level in nine years, indicating continued accumulation of the leading digital asset.
Grayscale remains optimistic about Ether ETF approvals despite perceived SEC disengagement
Grayscale expresses confidence in the approval of spot Ether ETFs in May, despite concerns over the SEC’s apparent disengagement with applicants.
So in many ways, the SEC already has engaged and issuers simply have less to engage on this time, The case is just as strong as it was for spot Bitcoin ETFs.
Craig Salm
Salm elaborated that many issues regarding spot Ether ETFs, similar to those encountered with spot Bitcoin ETFs before their approval, have been addressed in recent months. These include aspects like creation and redemption procedures, cash and in-kind models, asset protection, loss prevention, and custody.
1/ Recently, there’s been a lot of chatter about spot #Ethereum ETFs. I personally am not deterred by it and believe the ETFs should be approved. But right now I want to talk about how I think perceived “lack of SEC engagement” should be viewed at this point:
— Craig Salm (@CraigSalm) March 25, 2024
Bitcoin reserves on Coinbase reach the lowest levels in nine years
Is this pattern the same? It certainly looks very similar. We'll find out soon. If #Bitcoin experiences another leg down, then this pattern will be confirmed. pic.twitter.com/KftZZzvyIA
— BitQuant (@BitQua) March 19, 2024
On March 25, Bitcoin surged back above $70,000, reaching as high as $71,000, while the supply of BTC on Coinbase hit its lowest level in nine years, indicating sustained accumulation. Despite significant outflows from the Grayscale Bitcoin Trust, demand for BTC remains robust, especially with the approval of multiple spot exchange-traded funds in January. With other spot ETFs witnessing strong accumulation, analysts speculate that BlackRock’s ETF product could soon surpass Grayscale in terms of assets under management.
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