Mysterious Bitcoin Wallet Snaps Up $424M Worth BTC In November
Portfolio Pulse from Benzinga Neuro
An unidentified Bitcoin wallet has acquired 11,268 BTC, worth about $424 million since November 10, ranking it as the 74th largest BTC holder. The purchases were made at prices between $36,000 to $38,000, leading to an unrealized profit of approximately $9.8 million with BTC's current price just below $38,000. Speculation suggests the wallet could be linked to a U.S. asset management firm anticipating a spot Bitcoin ETF approval, but there is no evidence to confirm this. A spot ETF approval could potentially create trillions in value, with demand estimated between $20 billion to $30 billion.
November 30, 2023 | 10:19 am
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An anonymous wallet has accumulated over $424 million in Bitcoin, potentially in anticipation of a spot Bitcoin ETF approval, which could significantly impact Bitcoin's value.
The accumulation of a large amount of Bitcoin by a single wallet and the speculation around a U.S. firm potentially preparing for a spot Bitcoin ETF approval could create a bullish sentiment in the short term. If the ETF is approved, it could lead to increased demand and higher prices for Bitcoin.
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