Giant Ethereum Whale Adds 7,000 ETH to Its $140 Million Stash as Spot Ether ETFs Loom

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As a seasoned crypto investor with a few profitable rounds under my belt, I can’t help but feel a sense of excitement and validation upon reading about this Ethereum (ETH) whale’s recent moves. The prospect of spot Ether exchange-traded funds (ETFs) becoming available in the United States has long been a topic of anticipation within our community, and this whale’s actions serve as a clear indication that they share my optimism.

An enormous investor in Ethereum (ETH), raking in approximately $76 million in profits, has resumed purchasing additional Ethereum tokens as anticipation swells that United States-listed spot ETH exchange-traded funds (ETFs) will become available for trade soon.

As a blockchain analyst at SpotOnChain, I’ve uncovered some intriguing data regarding a significant Ethereum (ETH) investor. They have recently withdrawn approximately 7,000 ETH, equivalent to around $26 million at current market prices, from Binance. This transaction occurred when the coin price hovered around $3,800.

Presently, the value of the whale’s Ethereum holdings amounts to approximately 36,785 ETH or around $140 million. This represents a profitable gain of roughly $76.6 million.

A large investor in Ethereum, holding a earnings of approximately 76.6 million dollars from selling $ETH, has recently re-entered the market to purchase more tokens. About an hour ago, this investor withdrew over 7 thousand $ETH, equivalent to around 26.7 million dollars, from Binance when the price was at about 3814 dollars per token. Historically, this whale has been known to withdraw large amounts of $ETH during market downturns and then buy back tokens on cryptocurrency exchanges when their prices rise.— Spot On Chain (@spotonchain) June 3, 2024

In an unexpected turn of events, the U.S. Securities and Exchange Commission (SEC) approved the listing of spot Ethereum exchange-traded funds (ETFs) last month, sending the price of Ether surging by over 25% in contrast to market expectations that saw a rejection. (Source: CryptoGlobe)

Investors have been enthusiastically drawn to the impressive performance of newly launched US Bitcoin ETFs, which have amassed enormous assets within a short timeframe. For instance, BlackRock’s iShares Bitcoin Trust (IBIT) reached an astounding $20 billion in assets in merely 144 days, outpacing other ETFs that took over 900 days to achieve the same milestone.

As an analyst at CryptoQuant, I’ve observed a significant trend in the whale activity within the Ethereum market. Over the past week, approximately 800,000 ETH, equivalent to around $3 billion, has been transferred off centralized cryptocurrency exchanges.

Analysts have pointed out that significant outflows from centralized exchanges in the US might be due to institutions readying themselves for an Ethereum ETF, aiming to cater to the anticipated investor interest in such a fund once it becomes available.

Significantly, IntoTheBlock, a leading cryptocurrency intelligence company, has observed an increase in whale activity. Currently, approximately 41% of the second largest cryptocurrency’s supply is held by wallets possessing over 1% of its entire circulating supply, which was only 36% at the start of the year.

Per the firm, the trend highlights the increasing confidence in ETH among large holders.

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2024-06-06 01:07