The recent launch of Bitcoin ETF options has spurred whale activity, pushing BTC to a new all-time high.
Bitcoin surged past $94,000 on Tuesday, achieving an all-time high as BlackRock launched new Bitcoin exchange-traded fund (ETF) options. The development has reignited interest in crypto markets, with analysts pointing to the ETF’s success as a catalyst for further price increases.
Additionally, Grayscale Investments has also revealed plans to introduce options trading on its spot Bitcoin ETFs, set to launch on Wednesday.
Bitcoin Whale Activities Amid Options ETF
Amid these institutional activities and the surge in BTC’s value, on-chain insights platform Spot On Chain highlighted a rise in whale accumulation. For instance, a notable wallet identified as “bc1qc” withdrew 750 Bitcoin tokens worth $68.9 million from Binance within 24 hours.
The launch of #Bitcoin ETF options has spurred whale activity, pushing $BTC to a new ATH!
Here are two notable accumulators in the last 24 hours: 👇
1/ Super-giant whale “bc1qc” withdrew 750 $BTC ($68.9M) from Binance, now holding 24,660 $BTC ($2.3B).
2/ Six first-time wallets… pic.twitter.com/Q87bkGxAH4
— Spot On Chain (@spotonchain) November 20, 2024
When Bitcoin is withdrawn from exchanges, it indicates that holders are likely moving their assets to private wallets.
The transactions included three separate inflows: 300 BTC valued at $27.98 million, 250 Bitcoin worth $23.31 million, and 200 Bitcoin totaling $18.65 million. The wallet’s total holdings now stand at 24,660 Bitcoin, equivalent to $2.3 billion. Notably, the portfolio’s value increased by 0.311% on the day.
Meanwhile, a group of six first-time wallets collectively withdrew 500.2 Wrapped Bitcoin (WBTC), valued at $46.3 million, from Binance. These withdrawals occurred at an average price of $92,599 per WBTC. Notably, the funds were transferred to Aave via subsidiary wallets, marking a strategic shift in allocation.
Pre-option ETF Launch Engagement
The activity seen in the past 24 hours aligns with a broader accumulation trend among whales. Two days earlier, a whale associated with a $33 million unrealized profit withdrew 75.8 WBTC worth $6.96 million from Binance. Historical data reveals this entity has acquired a total of 1,368 WBTC since July 4, at an average price of $67,598, resulting in an unrealized gain of 35.5%.
This pattern suggests sustained whale engagement, with Binance serving as a key liquidity hub. Most tokens from these transactions were supplied to Aave, consolidating strategic holdings in decentralized finance platforms.
As of today, Bitcoin has traded at $93,699.96, reflecting a 1.18% increase in 24 hours and a 6.69% rise over the past week.
