Ethereum

Bitcoin

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Bitcoin (BTC), the biggest digital asset, recorded a <a href="https://news.todayq.com/bitcoin-crashes-to-41k-as-over-350m-liquidated-in-one-hour/" target="_blank" rel="noopener noreferrer nofollow">decline</a> of more than 5% decline, reaching $42,689, shedding $2,281 from its last close. Ethereum (ETH) also fell 6.54% to $2,202.4, losing $154.1 from its prior close. Meanwhile, several whales went into the increased volatility to book major profits. Are crypto whales taking control? 
As reported, a <a href="https://news.todayq.com/sec-to-discard-all-14-bitcoin-etf-applications-says-matrixport/" target="_blank" rel="noopener noreferrer nofollow">Matrixport report</a> predicted a potential rejection of the Bitcoin Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) might have caused the damage. The anticipation of regulatory approval had been a driving force behind Bitcoin’s recent gains, with hopes for increased institutional adoption.
In response to the market dip, two crypto whale wallets strategically bought the dip. Wallet 0x8B20 invested $1.5 million USDC to acquire 35.18 Wapped Bitcoin (WBTC). While another crypto whale used $1.5 million USDC to purchase 674.18 ETH at the lower prices. Similarly, wallet 0x4198 seized the opportunity by spending $1.5 million USDC on 35.12 WBTC and an additional $1.5 million USDC on 674.55 ETH.
However, The market downturn also triggered a notable liquidation event on the crypto exchange Huobi, with a $14.26 million long order being liquidated.
Data provided by Lookonchain revealed that a whale had deposited 3,100 BTC (approx worth $140 million) into Binance just before the market crash. Notably, these Bitcoins were initially withdrawn from HTX on October 6, 2022, at a price of $20,000, resulting in a substantial profit of approximately $78 million (+126%).
Bitcoin price is still down by 5% in the last 24 hours. BTC is trading at an average price of $43,065, at the press time. Its 24 hour trading volume is up by 58% to stand at $47 billion. ETF and speculations 
The recent whale transactions highlight the dynamic nature of the cryptocurrency market, where large-scale investors take advantage of market movements, contributing to increased volatility.
However, the recent decline was driven by an analyst’s views on the anticipated spot bitcoin ETF approval later this month. Analysts and the crypto community generally expect a positive SEC decision, with users expressing confidence in the prediction market Polymarket.
Matrixport’s prediction and the subsequent market reactions underscore the critical role of whales in navigating and capitalizing on market uncertainties. As the SEC’s decision on ETF approval looms, the crypto community observes how these influential market participants strategically position themselves in response to regulatory speculations.
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Crypto whales Buy the Dip amid Bitcoin decline and ETF speculations

Todayq News

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