Ethereum
ETH Price Rises 5% as Whale Activity Increases Ahead of Ethereum ETF Approval
As we bid farewell to a dull and boring second quarter, the broader cryptocurrency market is showing a healthy rebound with the price of Ethereum (ETH) up 5%, surging past $3,500 levels. This development comes as whale activity increases ahead of the Ethereum spot ETF scheduled for next week on July 8.
Ethereum Whale Activity Spikes, ETH Price Jumps
On-chain data provider Spot on Chain reported that a major whale, apparently Abraxas Capital, withdrew a massive 60,000 ETH, valued at $203 million, from cryptocurrency 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 an unrealized profit of almost $6.5 million.
A huge whale (probably Abraxas Capital) withdrew $60,000 $ETH ($203 million) of #Bitfinex at around $3,387 over the past 17 hours.
The whale then lent $ETH has #Spark to borrow $119 million in stablecoins and deposit them into #Binance.
THE $ETH
the price is up 3% (5 p.m.), suggesting a yield of $6.27 million… pic.twitter.com/6oomnzlrSq
— Spot On Chain (@spotonchain) July 1, 2024
At the time of going to press, the Ethereum Price is trading up 4.19% at $3,499 with a market cap of $420.7 billion. Ethereum’s daily trading volume has also increased by 50% to $9.8 billion. For this ETH price rally to sustain, it needs to give a daily close above $3,500 so that bulls can aim for the next target levels of $4,000 and above.
Amid the high excitement around the Ethereum spot ETF, whales have recently been trading other altcoins for ETH. Last week, a Whale PEPE
They converted $18 million of their PEPE coins into Ethereum, expecting a major rally in the future.
Read also : PEPE Whale Focuses on Ethereum as ETF Optimism Grows
Ethereum ETF enthusiasm continues
As CoinGape reports, the launch of Ethereum spot ETF The deadline for the publication of S-1 forms is slightly longer than July 4. Last Friday, the U.S. Securities and Exchange Commission (SEC) sent back the S-1 forms to issuers, asking them to resubmit them by July 8.
ETF Store President Nate Geraci said the S-1 revisions were relatively minor, while suggesting regulators could approve issuers for trading in the next 14 to 21 days. Although the timing of the launch still remains uncertain, the SEC has hinted that it could happen by the end of the summer. This could likely boost the price of ETH amid investor enthusiasm.
Nate Geraci also predicted that the Ethereum spot ETF would be the second most successful launch in ETF history, trailing only spot Bitcoin ETFs.
Early (and easy IMO) prediction…
Spot ETH ETFs will be the second most successful debut in ETF history, just behind Spot BTC ETFs.
Thus, the two most successful ETF launches in the history of ETFs for over 30 years will take place this year.
Bitcoin and ether.
Are you already paying attention?
— Nate Geraci (@NateGeraci) June 30, 2024
Read also : What to Expect from Ethereum Price in July