Cryptocurrency market analysts are predicting potential volatility in the future for the price of Bitcoin (BTCUSD). One contributing factor to this anticipated volatility is a notable surge in on-chain activity and the potential approval of a spot Bitcoin ETF (exchange-traded fund) by the US Securities and Exchange Commission (SEC).
BlackRock is anticipating positive developments from the financial regulator concerning its spot Bitcoin ETF application, with expectations for news by January 10. Interestingly, this date aligns with the SEC’s deadline for either approving or rejecting the ARK 21 Shares spot Bitcoin ETF application.
The Decision on Bitcoin ETF Approaches
Bloomberg’s senior ETF analyst, Eric Balchunas, suggests that SEC Chair Gary Gensler is likely not opposed to the launch of a Bitcoin ETF. Balchunas points to Gensler’s lack of substantial grounds for refusal and his proactive approach in directing SEC staff to collaborate extensively with Bitcoin ETF applicants. This engagement includes multiple rounds of comments and a push to have them ready for a launch around January 11.
This information comes after a series of discussions and meetings between the SEC and Bitcoin ETF applicants, resulting in numerous amendments. Notably, on January 5, BlackRock, among other applicants, submitted a 19b-4 amendment to the SEC.
Satoshi Nakamoto’s Wake-Up Call
Simultaneously, an intriguing event occurred when an unidentified individual transferred over $1 million worth of BTC into Satoshi Nakamoto’s wallet. Acquiring the assets from Binance and transferring them to Nakamoto’s wallet sparked speculation within the crypto community, ranging from the potential resurgence of Nakamoto to an unconventional marketing strategy related to the impending Bitcoin ETF.
Related: 27 BTC ($1.2M) Sent to Genesis Wallet, Mined by Bitcoin Creator Satoshi Nakamoto
Conor Grogan, a director at Coinbase, remarked, “Either Satoshi woke up, bought 27 bitcoins from Binance, and deposited into their wallet, or someone just burned a million dollars.“
Additionally, heightened activity among Bitcoin whales, exemplified by this mysterious transaction, indicates a potential increase in market volatility. Blockchain security firm Santiment observed that whale transactions have reached their highest level since June 2022, suggesting expectations of upcoming market fluctuations and uncertainty.
Bitcoin’s price remained relatively stable over the weekend, briefly surpassing $44,000 in the last 24 hours before retracing to $43,986.