Whale Withdraws 16,449 ETH Ahead of Ethereum ETF Approval

Alonzo

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Jul 16, 2023
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Whale Withdraws 16,449 ETH Ahead of Ethereum ETF Approval



Ethereum (ETH) price saw a major recovery towards the $3,100 level as it nears the much-anticipated approval of the spot Ethereum ETF. Additionally, Ethereum whales appear to be providing further support for the ETH price to continue its advance.

Ethereum Whale Raises $50 Million Worth of ETH


According to on-chain data provider Spot On Chain, an Ethereum whale recently withdrew a whopping 16,449 ETH worth $50.3 million from crypto exchange Binance, while the ETH price surged above $3,000.


The data provider notes that this is the first significant accumulation from a new whale address. The whale also moved all of the withdrawn ETH to a new wallet and stayed there. The timing of this large-scale pullback coincides with expectations that the ETH ETF will likely launch next week, indicating a potentially bullish outlook for Ethereum.

7 hours ago a whale/institution withdrew 16,449 $ETH ($50.3 million) /market.parofix.com/exchange/binance">binance?src=hash&ref_src=twsrc%5Etfw”>#Binance
aspect #Ethereum the price rose above $3,000.
This whale’s first big $ETH accumulation. So far all have been moved $ETH I put them in a new wallet and kept them there.


Note that ETH ETF is likely… pic.twitter.com/BBHOvWM3yx

— Spot On Chain (@spotonchain) July 10, 2024


Meanwhile, decentralized computing platform Golem Network has been liquidating its ETH holdings over the past week. According to on-chain data, Golem has deposited a total of 29,000 ETH worth around $90 million to crypto exchanges like Binance, bitfinex, and Coinbase in the past five days.



Also Read: Ethereum ICO Whale Dumps 7K ETH After $60 Million Sale by Institutions

Will Ethereum ETF Be a Major Catalyst for ETH?


Bitwise Chief Compliance Officer Katherine Dowling has confirmed that approval for the spot Ethereum ETF in the US is indeed imminent. With all issuers having submitted their S-1 amendments, analysts are expecting approval to come by July 18 next week.


Last week, inflows into Ethereum investment products surged to $10.2 million as institutional players accumulated ETH ahead of ETF approval. Some market commentators predict that these products will attract inflows as traders and investors reposition themselves ahead of final approval. A similar trend was observed after the SEC approved the 19b-4 filings of Ethereum ETFs, with ETH prices rising by 22% and strong institutional inflows fueling bullish momentum.

Also Read: How Will the Amended Ethereum ETF S-1 Shape Institutional Funds?





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Bhushan is a FinTech enthusiast and has a good grasp of financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is a constant learner and motivates himself by sharing the knowledge he acquires. In his spare time, he reads thrillers and sometimes explores his culinary skills.





The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.








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