A mysterious Bitcoin wallet has surfaced, amassing a staggering 12,071 BTC, equivalent to approximately $531 million as of the latest valuation. The wallet’s activity, closely monitored by Arkham Intelligence, reveals an unprecedented accumulation of assets over a mere 30-day period.
The wallet, created on November 1, has been consistently receiving Bitcoin from various addresses daily. Notably, the first sender traced back to a wallet associated with the renowned BitMEX exchange, igniting curiosity within the cryptocurrency community.
Lark Davis, the founder of Wealth Mastery, speculated that institutional investors might strategically position themselves ahead of the potential approval of a spot Bitcoin ETF, sparking bullish sentiments among his followers.
Interestingly, this substantial accumulation coincides with the U.S. Securities and Exchange Commission (SEC) engaging with various spot Bitcoin applicants, including Grayscale and BlackRock. In a memo published on Wednesday, the SEC revealed formal engagements with asset managers preceding a highly anticipated decision on approving a Bitcoin exchange-traded fund (ETF).
While the SEC may still decide to block crypto ETFs, there is a prevailing expectation among industry experts that such funds might launch in the U.S. early next year. That said, as the community seeks answers to the origin and purpose of this colossal Bitcoin wallet, the narrative surrounding institutional purchases continues to grow ahead of the ETF approvals.
Earlier on Saturday, Grayscale’s chief legal officer, Craig, highlighted during a CNBC interview the positive momentum in discussions between regulators and the cryptocurrency industry, signalling optimism that spot Bitcoin ETFs are a matter of “when” rather than “if.” According to him, looking ahead to 2024, key areas of focus include ETF progress, the upcoming election, and ongoing legal matters contributing to regulatory clarity. He concluded with insights.
According to James Lavish, a prominent figure in the crypto space, the significance of ETF approval cannot be understated. Speaking during a podcast Thursday, the pundit noted, “I think we get into the spot here where people are a little bit worried about, but once we get the ETFs and it’s widely owned, they can’t ban it.”
Lavish expressed scepticism about authorities working against major financial players like BlackRock, Fidelity and others, believing it would not yield much. He suggested that while taxation could be possible, once ETFs are approved, it will signify mainstream acceptance, stamping Bitcoin’s “digital gold” narrative.