  
In a notable development, a mysterious entity has pumped a whopping $2.88 billion into the cryptocurrency market over the past three months, raising eyebrows about its intentions even as the crypto community eagerly anticipates the approval of a Bitcoin spot exchange-traded fund (ETF). ).
According to cryptocurrency analytics firm Lookonchain, the whale's final move involved transferring US$239 million from a Tether treasury to a wallet identified as “0x1dBb”, with subsequent deposits on several exchanges. This comes just three days after another entity received a whopping $735 million from Tether's treasury and quickly deposited it on several exchanges.
These developments have sparked excitement within the cryptocurrency community, sparking speculation about the identity of the main investor behind these strategic purchases. Some speculated that they might be large traditional investors looking to buy Bitcoin and other cryptocurrencies after receiving ETF approval.
Notably, these transfers are taking place simultaneously with Tether, the heavyweight stablecoin, ramping up USDT printing. Just today, Tether's treasury minted a whopping $1 billion USD four days after pumping $2 billion into the cryptocurrency market, contributing to a remarkable 38% increase in market capitalization since January.
While some analysts assume that Tether's increased issuance is intended to meet the growing demand for stablecoins leading up to ETF approval, the practice has raised concerns about potential ramifications on Bitcoin price dynamics.
  However, despite the skepticism, excitement over the approval of spot Bitcoin ETFs is on the rise. Stephen McClurg, co-founder of Valkyrie Investments, expects the Bitcoin exchange-traded funds to be approved by the end of the business day on Wednesday before trading begins on Thursday. According to a Fortune report on Tuesday, the expert predicted an initial inflow of up to $400 million into ETFs during the first week, with the overall market potentially seeing an inflow of up to $5 billion during the first few weeks of trading.
The influx of institutions into the cryptocurrency sector is expected to grow, and in an interview with prominent trader and crypto podcaster Scott Milker, Matt Hogan, Head of IT at Bitwise, highlighted the expectation of significant new funds entering the market.
I think there is real new money set to enter the market. There are advisors on the sidelines who haven't had access to this one that controls trillions of dollars and who want 1-5% in Bitcoin. Our survey showed that 88% of them are waiting for the ETF to launch before they consider buying…” Hogan said.
Ark Invest CEO Cathie Wood also expressed optimism, saying during an interview with CNBC on Monday that the SEC's green light will encourage institutions to enter the market. According to her, conversations with institutional investors indicate growing interest, especially now that regulatory hurdles appear to be diminishing, paving the way for a new era in cryptocurrency investing.
