With the cryptocurrency community eagerly waiting to see if the United States Securities and Exchange Commission (SEC) will finally approve the first spot Bitcoin (BTC) exchange-traded fund (ETF), the maiden crypto asset is witnessing a massive spike in whale transactions.
Specifically, in the 24 hours before press time, Bitcoin has experienced its greatest increase in transactions amounting to over $100,000 in almost two years, according to the observations by a prominent crypto market expert Ali Martinez, shared in an X post on January 5.
Indeed, Martinez’s chart shows that there were 16,900 transactions of over $100,000 worth of Bitcoin on January 4, and, as the professional crypto trader pointed out, these transactions “serve as a proxy for BTC whale activity, offering insights into how these major players might be positioned in the crypto market.”
Bitcoin large transactions. Source: Ali Martinez
It is also worth noting that Martinez earlier noted that as many as 2.41 million
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