The Ethereum (ETH) price has rebounded to $3,100 as we get closer to the much-anticipated approval of the spot Ethereum ETF. Furthermore, the Ethereum whales provide additional support for the ETH price to continue moving forward.
Ethereum whale scoops $50 million worth of ETH.
According to an on-chain data source, Spot On Chain, an Ethereum whale withdrew a whopping 16,449 ETH worth $50.3 million from the cryptocurrency exchange Binance, and the ETH price surged beyond $3,000.
The data source indicates that this is the first large accumulation by a new whale address. Furthermore, the whale has transferred all of the ETH that has been withdrawn to a new wallet and will remain there. The timing of this large-scale withdrawal corresponds with the ETH ETF’s expected launch next week, implying a possibly optimistic outlook for Ethereum.
7 hours ago, a whale/institution withdrew 16,449 $ETH ($50.3M) from #Binance as the #Ethereum price rebounded to above $3,000.
This is the whale’s first large $ETH accumulation. So far, it has moved all $ETH to a new wallet and held them there.
Note that the ETH ETF is likely… pic.twitter.com/BBHOvWM3yx
— Spot On Chain (@spotonchain) July 10, 2024
On the other hand, the decentralized computing platform Golem Network has been liquidating its ETH holdings for the previous week. According to on-chain data, Golem has deposited 29,000 ETH worth roughly $90 million to crypto exchanges, including Binance, Bitfinex, and Coinbase, in the last five days.
Will the Ethereum ETF Be a Major Catalyst for ETH?
Katherine Dowling, Bitwise’s Chief Compliance Officer, said that the approval of the spot Ethereum ETF in the US is getting closer. With all issuers having submitted their S-1 modifications, experts estimate clearance sometime next week, by July 18.
Last week, inflows into Ethereum investment products increased to $10.2 million as institutional investors appeared to stack up ETH ahead of the ETF clearance. Several market analysts expect these products to attract inflows as traders and investors reposition ahead of final approval. A similar trend emerged when the SEC approved the Ethereum ETFs’ 19b-4 registrations, with the ETH price soaring by 22% and large institutional inflows fueling positive momentum.
