Ethereum
Ethereum Sees Number of Active Addresses Increase Amid Anticipation of ETH ETF Launch » The Merkle News
Ethereum recently saw its largest increase in active $ETH addresses in three months, with the total number reaching 617,170.
The push comes amid growing anticipation for Ethereum exchange-traded funds (ETFs).
#Ethereum just experienced its biggest spike in active traffic $ETH addresses in three months, reaching a total of 617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr
– Ali (@ali_charts) June 22, 2024
Bloomberg ETF analyst Eric Balchunas reported that numerous amended ETH ETF S-1 filings are expected today. The SEC will then review these filings to inform issuers of any final changes and their effectiveness, with July 2 considered a potential launch date for these ETFs.
Eric Balchunas, Bloomberg ETF Analyst: We will see a number of amended ETH ETF S-1s filed today, or perhaps later this afternoon. The ball is then in the SEC’s court to notify issuers of any final changes and their effectiveness (final approval). We are holding on with July 2 as the date…
-Wu Blockchain (@WuBlockchain) June 21, 2024
In addition to this regulatory development, Paradigm Capital has made significant advances in the Ethereum market. At 6:37 UTC+8 today, Paradigm deposited 5,817 ETH, worth approximately $20.49 million, to the Anchorage Digital custody platform.
Paradigm deposited 14,070 ETH, currently worth over $49.5. Million
Over the past three months, Paradigm has regularly deposited ETH into Anchorage Digital at the end of each month. Total deposits now stand at 14,070 ETH, worth approximately $49.5 million.
Paradigm Capital: 0x11…c3cD deposited 5.817k ETH, worth approximately $20.49 million, to the Anchorage Digital custody platform at 6:37 UTC+8 today. Over the past three months, Paradigm has regularly deposited ETH into Anchorage Digital at the end of each month and deposited a…
-Wu Blockchain (@WuBlockchain) June 22, 2024
These activities highlight growing institutional interest in Ethereum. The increase in active addresses suggests increased network activity, likely driven by positioning of retail and institutional investors ahead of planned ETF launches. Paradigm Capital’s continued deposits into Anchorage Digital further underscore confidence in Ethereum’s long-term potential.
As the Ethereum ecosystem continues to grow, the potential approval and launch of ETH ETFs could be an important milestone. This would likely provide increased accessibility to investors and could potentially further drive demand and price appreciation for $ETH.
Overall, the combination of regulatory progress, large institutional deposits, and increased network activity paints a promising picture for Ethereum’s near-term future. Investors and market observers will closely monitor the SEC’s decisions and the impact of these developments on the broader crypto market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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Image source: Bastian Riccardi on Unsplash // Image effects by Colorcinch