ETH Price Rises 5% as Whale Activity Rises Ahead of Ethereum ETF Approval
As we bid farewell to a dull and boring Q2, the broader cryptocurrency market is showing a healthy bounce with Ethereum (ETH) price up 5% to move above $3,500 levels. This development comes amid increasing whale activity ahead of the spot Ethereum ETF launch scheduled for next week on July 8.
Ethereum Whale Activity Spikes, ETH Prices Increase
On-chain data provider Spot on Chain reported that a notable whale named Abraxas Capital withdrew a whopping $60,000 worth of ETH from crypto exchange bitfinex at a price of $3,387 in the last 24 hours. The price of ETH has already increased by 4% since then, giving the whale around $6.5 million in unrealized profits.
The whale then lent $ETH with #Spark Borrowing $119 million worth of stablecoins and depositing it in the bank /parofix.com/forums/binance.393/">Binance?src=hash&ref_src=twsrc%5Etfw”>#binance
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$ETH price increased by 3% (17 hours), which means $6.27 million… pic.twitter.com/6oomnzlrSq
— Spot On Chain (@spotonchain) July 1, 2024
As of press time, Ethereum is trading at $3,499, up 4.19%, with a market cap of $420.7 billion. Ethereum’s daily trading volume has also increased by 50% to $9.8 billion. For the ETH price rally to continue, bulls need to close above $3,500 for the day to see the next target levels of $4,000 and above.
Amid the strong excitement over the spot Ethereum ETF, whales have been swapping other altcoins for ETH lately. Last week, a pepe whale converted $18 million worth of PEPE coins into Ethereum, expecting a major rally to follow.
Also Read: PEPE Whale Shifts Focus To Ethereum As ETF optimism Grows
Ethereum ETF Excitement Continues
As reported by parofix, the launch of the spot Ethereum ETF is facing some delay from July 4th. Last Friday, the U.S. Securities and Exchange Commission (SEC) sent back S-1 forms to issuers, asking them to resubmit them. July 8.
While ETF Shop President Nate Geraci noted that the S-1 revisions were relatively minor, he suggested that regulators could approve issuers for trading in the next 14-21 days. While the timeline for the launch remains unclear, the SEC has hinted at the possibility by the end of the summer. This could likely propel the ETH price amid investor excitement.
Nate Geraci also predicted that the spot Ethereum ETF will be the second most successful debut in ETF history, after spot Bitcoin ETFs.
Also Read: What to Expect from Ethereum Price in July?
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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