Bitcoin Whales Drive Price Surge

According to Buffinton of the YouTube channel Altcoin Buzz, numerous analysts have identified Bitcoin whales as the cause of the recent price increase.

Material Indicators, a provider of crypto market data, cited Purple Whales’ decision to convert a $20 million Bitcoin bid ladder into market orders as the catalyst for the recent price increase.

Material’s Indicator revealed that Purple Whales did not stop there and purchased items worth over $50 million.

As seen on the FireCharts CVD, the market data provider also observed a Brown Whale who joined the Bitcoin buying movement with a $2 million purchase order.

Buffinton has observed a significant change in the price of Bitcoin over the past few days. The YouTube presenter noted that Bitcoin rallied from $28,700 to $30,200 before consolidating at $29,800.

However, he believes that a decline to $29,250 and subsequent support would be more favorable for the leading cryptocurrency.

Buffinton also cited the concluding statement of Market Indicators, which attributed the price decline to profit-taking by those who purchased at lower prices.

He advised investors seeking to enter the market to wait until conditions stabilized.

The host of Altcoin Buzz stated that the first Spot Bitcoin Exchange Trust Fund (ETF) in the United States could be authorized before February 2024.

Buffinton cited Galaxy Digital CEO Mike Novogratz, who cited sources from BlackRock and Invesco. Buffinton quoted Novogratz as stating that the event is significant.

Novogratz relied on sources within BlackRock and Invesco who believe the ETF approval is now a matter of ‘when,’ not ‘if,’ with a six-month timeframe.

According to Buffinton, Novogratz Digital Galaxy is among the numerous candidates for a Bitcoin exchange-traded fund.

Buffinton believes that the competition for market share among these competitors could increase demand for Bitcoin and serve as a tailwind for the anticipated bull run.