Referring to CoinMarketCap on Monday (9/10/2023) at 07.01 WIB, the crypto market fell slightly at the same time. Bitcoin weakened 0.13% to US$27,933.18 and fell 0.23% on a weekly basis. Ethereum edged down 0.06% in the last 24 hours and fell 5.81% in seven days. and on a weekly basis it also fell 1.21%. Likewise, Cardano weakened 0.81% in the last 24 hours and on a weekly basis is in the negative zone of 3.48%. CoinDesk Market Index (CMI) which is an index to measure capitalization-weighted performance The digital asset market fell 0.20% to 11156.62. Open interest appreciated 2.16% at US$25.07 billion. Meanwhile, as reported by Alternative.me, the bitcoin fear & greed index was recorded at position 50, which is the neutral or the same category compared to yesterday (8/10/2023 ) which is at number 50 in the neutral category too. Meanwhile the fear & greed index reported by coinmarketcap.com shows the number 46 which shows that the market is in a neutral phase with the current economic conditions and crypto industry. Recently, according to data from blockchain analytics platform Arkham Intelligence, one particular bitcoin whale became active after years of inactivity and transferred 5,000 BTC (worth approximately US$137 million). On-chain data showed that this whale split and transferred 5,000 to two separate addresses. About 4,000 BTC was transferred to one address, and 1,000 BTC was sent to another address, both new and unmarked. Reporting from newsbtc.com, this latest whale action appears to have sparked a sense of caution in the bitcoin market. This is not surprising, considering that movements in large amounts of BTC (especially sell-offs) often trigger the interest or fear of other investors, thereby causing momentary price fluctuations. However, it is worth noting that the reasons behind these whale movements are currently unknown. It remains to be seen whether the owner wants to sell or simply move his assets to another wallet.If the whale intends to sell its entire BTC holdings, then this latest action could potentially threaten Bitcoin's price. Large-scale selling can have a negative impact on Bitcoin's value, as it often puts pressure on the cryptocurrency and can trigger a temporary price drop. However, referring to bitcoinist.com, bitcoin could receive inflows of up to US$17.7 trillion from institutional investors as the former BlackRock manager predicts approval of a spot Bitcoin ETF in the US is imminent. If approved, a spot Bitcoin ETF could unlock massive capital inflows from institutional investors, up to US$17.7 trillion from financial institutions. According to Bloomberg ETF senior analyst Eric Balchunas, this would push North American shareholding to over 99.5%. BlackRock alone, which currently spearheads Bitcoin ETF fees, has over 9.4 trillion in assets under management (AUM) . Other Wall Street giants such as WisdomTree, Invesco Galaxy, Valkyrie, VanEck, are also waiting for approval.
