Key Points
- Ethereum whales are increasing their holdings, indicating a potential shift in market sentiment.
- Approval of an Ethereum ETF is expected to drive institutional inflows and boost Ethereum’s price.
Ethereum’s price increase has sparked a flurry of activity among its largest holders, known as whales.
After a week of declining momentum, Ethereum’s price has rebounded, leading to significant transactions by these whales.
Ethereum Whales on the Move
At the time of writing, Ethereum was trading at $3,113.58 with a 24-hour trading volume of $14,340,649,075.
This represented a 1.07% price increase over the past 24 hours, despite a -7.46% decline over the last seven days.
This price increase has prompted whales to accumulate more Ethereum, indicating a potential shift in market sentiment.
Recent on-chain data showed considerable activity among Ethereum whales.
Notably, an Ethereum whale withdrew 16,449 ETH, equivalent to $50.3 million, from the crypto exchange Binance.
This occurred as Ethereum’s price surged past $3,000, marking the first significant accumulation by a new whale address.
The withdrawn Ethereum has since been transferred to a new wallet.
Ethereum ETF Approval Anticipated
The timing of these large withdrawals and accumulations coincides with the market’s expectation of the Ethereum ETF, which is anticipated to launch next week.
This is a potentially bullish signal for Ethereum, as it could attract further investment and increase prices.
Katherine Dowling, Bitwise’s Chief Compliance Officer, has confirmed that the approval of the spot Ethereum ETF in the U.S. is nearing.
With issuers submitting their S-1 amendments, analysts expect the approval around the 18th of July.
This has led to a surge in inflows into Ethereum investment products, with institutional players accumulating Ethereum ahead of the ETF approval.
Last week, Ethereum investment products saw inflows of $10.2 million, indicating growing interest from institutional investors.
