The recent SEC silence regarding the court ruling and the potential approval of Grayscale’s spot Bitcoin ETF application has drawn more investors towards Bitcoin and cryptocurrency. Furthermore, in the past two weeks, major announcements by automobile giants Honda and Ferrari stating their intention to accept cryptocurrency for vehicle purchases have also attracted additional investors.
Investors toward Bitcoin & whales heavy accumulation
The recent data from an on-chain analytic firm has gathered humongous attention among investors as Bitcoin whales have accumulated 117 Bitcoins worth around $3.2 million in just 48 hours after the news of SEC silence. This accumulation of Bitcoin was also tweeted by a popular crypto analyst on X (formerly Twitter), where others are countering that this significant Bitcoin accumulation might be due to FOMO in the market.
Another data from sentiment also blows your mind because the whales are massively accumulating Bitcoin this month. Since the beginning of October, they have accumulated approximately 20,000 Bitcoins worth around $550 million dollars till October 11, 2023, as this data was shared by popular analysts. In this whole year, whales have heavily accumulated; till September 2023, they have accumulated over 13.03 million Bitcoins as reported by Todayq News on September 29.
Concern about potential spot Bitcoin ETF approval
Now the major concern among investors is when the spot Bitcoin ETF will get a green signal. Recently, the ETF experts and analysts at Bloomberg made a prediction that there is a 90% chance of getting spot ETF approval by January 2024.
Currently, the price of Bitcoin is hovering between $25,000 and $30,000 for the last 200 days. Also, it looks like a good buying zone as most of the accumulation has been made in this zone only. Additionally, a top Bitcoin holder, MicroStrategy, has also made a purchase three times this year as it looks like it is taking advantage of this price level.
Microstrategy’s Bold Statement on Bitcoin
Since the beginning of this year, MicroStrategy has heavily accumulated over 27,250 Bitcoins. In a recent event, the chairman of MicroStrategy, Michael Saylor, made a statement:
“Do not sell your Bitcoin; it is going to change the world.”
As of now, there are no significant price changes in Bitcoin after this news update; this also might be due to the upcoming halving, which will take place in 2024. Currently, $BTC is trading at around $27,250. On October 11, 2023, JP Morgan forecasted that Bitcoin might decline by 20% till halving, but some analysts said that in this current situation, the price is hovering between $25,000 to $30,000 because of the upcoming halving.