An unidentified Bitcoin (CRYPTO: BTC) wallet holder has reportedly acquired 11,268 BTC, worth approximately $424 million, since November 10. The wallet now ranks as the 74th largest BTC holder, according to data from Bitinfocharts.
As reported by CoinDesk, these BTC purchases were made at prices ranging between $36,000 to $38,000. Consequently, the wallet owner is currently sitting on around $9.8 million in unrealized profits given BTC’s current price just below $38,000.
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Online speculation suggests that this wallet could be linked to a U.S. asset management giant poised to receive regulatory approval for a spot Bitcoin ETF. However, there is no evidence to confirm this “frontrunning.”
If a spot ETF is approved, fund managers would need to hold a large quantity of BTC to meet potential demand, unlike synthetic products like CME futures which involve contract trading representing the underlying asset.
VanEck advisor Gabor Gurbacs stated that approving a spot ETF could generate “trillions in value,” even with minimal demand estimated between $20 billion to $30 billion.
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