As a researcher with experience in the cryptocurrency market, I find this latest development regarding a large Ethereum whale transferring $50.3 million worth of Ether from Binance into self-custody intriguing. With the expected approval of spot Ether ETFs and the price rebounding above the $3,000 mark, it seems that this whale is adopting a long-term holding strategy.
A significant investor in Ethereum, known as a “whale,” moved approximately $50.3 million worth of Ether (16,449 units) away from Binance exchange and into personal possession.
The price of the second-largest cryptocurrency by market capitalization rebounded from a recent slump to surpass $3,000, making way for the imminent debut of Ether exchange-traded funds (ETFs) in the US markets.
Based on data from cryptanalysis firm Spot On Chain, this transaction signified the initial significant acquisition of Ether by a specific wealthy investor. The received funds were transferred to a newly established digital wallet, implying a potential intent for long-term storage instead of prompt selling.
Seven hours ago, a significant player or institution, such as a whale or an established entity, extracted approximately 16,449 ETH (equivalent to around $50.3 million) from Binance. This withdrawal transpired as the Ethereum price surged above $3,000 once more.— Spot On Chain (@spotonchain) July 10, 2024
An ETF’s entry into the market could draw in more institutional investors towards Ether, which might cause its price to rise. Currently, Ether is priced at around $3,100 following a weekly decline of almost 9%, contributing to the broader cryptocurrency market slump.
Expectant analysts believe that Ethereum-backed spot ETFs could secure approval as early as this week. Notably, several potential issuers have submitted amended S-1 forms lately. However, these updated filings lack fee details, potentially indicating the need for further submissions.
Significantly, over 78% of Ethereum’s current supply is being held by investors who have kept their cryptocurrency for over a year. Therefore, the market dominance lies with these long-term holders.
As a researcher studying the cryptocurrency market, I’ve come across some intriguing findings from IntoTheBlock’s on-chain analysis. According to their data, long-term holders have been actively accumulating more coins as the price of cryptocurrency dipped during the recent market downturn.
Long-term Ethereum holders are less inclined to sell their coins compared to those who have recently acquired them. This prevailing trend among long-term holders (LTHs) is considered a positive sign for Ethereum, as it reflects increasing confidence in the cryptocurrency among investors. The substantial amount of Ethereum held by LTHs has removed a considerable portion of the currency from circulation, thereby reducing downward price pressure.
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2024-07-11 03:32