As a seasoned crypto investor with a keen interest in Ethereum ($ETH), I’ve witnessed the recent surge in buying activity among Ethereum whales. With data from on-chain analytics firm Santiment revealing that these large investors have accumulated over 700,000 ETH tokens worth approximately $2.45 billion in just three weeks, it’s clear that demand for Ethereum is skyrocketing.
Over the past three weeks, significant investors in cryptocurrency, commonly referred to as “whales,” have been purchasing large quantities of Ethereum ($ETH). Specifically, they have amassed approximately 700,000 ETH tokens, amounting to a total investment of around $2.45 billion.
According to information from on-chain analysis company Santiment, which was recently shared by influential crypto analyst Ali Martinez with his 65,000+ followers on microblogging site X (previously known as Twitter).
As an analyst, I’ve observed that Ethereum whales have made substantial purchases within the past three weeks, amounting to around 700,000 ETH. The value of these acquisitions totals roughly $2.45 billion based on current market prices.— Ali (@ali_charts) June 15, 2024
According to a recent report by CryptoGlobe, the desire for Ethereum surged significantly as permanent investors amassed approximately 298,000 ETH, equivalent to around $1.04 billion, within a 24-hour timeframe.
According to Julio Moreno, the head of research at CryptoQuant, Ethereum’s daily buying volume recently approached the record high set last September. During that time, approximately 317,000 ETH tokens were accumulated by permanent holders on the X platform (previously known as Twitter).
After the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, hinted at potential approval of Ethereum spot ETFs by the end of summer during a budget hearing, there was a significant surge in buying interest for Ethereum.
At a Senate Appropriations Committee subcommittee hearing regarding the regulator’s budget, Gensler reported that the approval process was functioning effectively following the SEC’s initial green light for certain ETFs. In simpler terms, after the SEC granted approval for specific ETFs, the process has been running smoothly.
As an analyst, I’ve observed that the SEC’s approval brought about a surge of optimism within the cryptocurrency realm. The price of Ethereum (ETH) alone saw a significant increase of approximately 20% in a single day following this announcement. Consequently, the overall value of the entire cryptocurrency market experienced a notable boost, adding roughly $200 billion to its current market capitalization.
This approval represents a noteworthy change for the SEC, known for its traditional caution towards cryptocurrencies, as it was previously examining whether to classify the second largest digital currency as either a commodity or a security.
As the SEC gave its approval to the exchange-traded product applications, VanEck, ARK Investments, and BlackRock, among other ETF issuers, are left with the requirement of securing the regulatory body’s acceptance of their registration statements prior to initiating trading.
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2024-06-17 19:17