Whales Flip XRP, SHIB in the Millions Ahead of ETF Decision

With the Bitcoin ETF approval deadline closing in, huge crypto whales emerge to shift XRP price dynamics.

Beluga whale throwing up XRP coins under water.
Created by Gabor Kovacs from DailyCoin
  • Top Ethereum whale transfers $44.4M worth of SHIB, triggering a 5% price rise.
  • XRP network witnesses trading surge infused by inscriptions on XRP Ledger.
  • The Securities and Exchange Commission is set to give a decision this week.

The looming Bitcoin ETF decision had the markets turning green with a $3,000 increase in BTC price two days into 2024. Supported by hefty crypto whale action, large market-cap altcoins like XRP (XRP) and Shiba Inu (SHIB) picked up on Bitcoin’s 7% run in the last 24 hours. According to the blockchain data analytics firm IntoTheBlock, SHIB recorded $269 million in weekly whale transactions, which qualify as $100,000 and over.

One particular transaction of 231,619,279,051 SHIB between unlabelled wallets on Ethereum sparked community discussion about whether whales are accumulating SHIB to witness a retest of the $0.0000110 neckline resistance.

With a slight market correction to $0.00001078, SHIB outperformed Dogecoin (DOGE) with 28% monthly gains to 9%, despite a weaker price correlation with BTC. SHIB has been the darling of crypto whales on Ethereum since December, with known crypto figures like Justin Sun amassing hundreds of billions of SHIB.

Top crypto whales jumped on the bullish wave during New Year’s bull run, inspired by Bitcoin’s spike to $45,870. Amid the price action, one XRP whale shuffled 27,700,000 XRP to Bitstamp, a TOP 10 centralized crypto exchange (CEX). Pouring more coins into circulation is usually bearish; XRP gained 2% following the move to trade at $0.638035.

Why BlackRock Expects an ETF Decision This Week

Today, trading back above $45,000 for the first time since April 2022, BTC is now 175% up yearly, garnering a 210% bounce back since the FTX crypto exchange’s infamous ‘liquidity crunch’ in November 2022.

While the traditional banking giant JPMorgan estimates a 16T crypto market capitalization by 2030, the asset management heavyweight BlackRock is seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch the initial Bitcoin ETF as soon as this week.

Valued at nearly $10 trillion, the largest investment management enterprise around the globe is not the only contender for the inaugural ETF. On January 2, 2024, Grayscale submitted a new amended Bitcoin ETF application. The breakthrough in exchange-traded fund applications has poured $150 million into spot markets in hours, igniting a new yearly high for BTC at 10:25 AM GMT.

On the other hand, some crypto traders on X admit they were wrong about forecasting BTC’s plunge to $40,000 before the ETF approval, while others are staying cautious of a presumably tricky bull trap around the $52,000 price area, given that the ETF-infused rally drives BTC to the barrier unseen since December 2021.

On the Flipside

  • The Bitcoin ETF decision slated for January 10, 2024, can be postponed due to the U.S. Securities and Exchange Commission’s (SEC) work overload.

Why This Matters

The Bitcoin ETF approval represents a breakthrough in mass crypto and blockchain tech adoption.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.