Ethereum
PEPE Whale Focuses on Ethereum as ETF Optimism Grows
The latest on-chain information reveals that a crypto market whale has strategically moved its funds from PEPE to ETH amid growing optimism around the launch of an Ethereum ETF. Following the submission of eight S-1 amendment filings, this fund swap came into being, portraying optimism about ETH’s future price movements. At the same time, it is worth noting that Pepe coin has also recently become the talk of the crypto town, reaching unprecedented levels.
So let’s take a closer look at the whale’s strategic investments and what this could mean for future market performance.
Whale diverts funds to ETH
According to data revealed by EmberCN on June 28, whale 0x837 was recorded going from 1.4 trillion PEPE to 2,646 ETH.
The trader transferred 1.4 trillion PEPEworth $18.01 million, to Binance. Subsequently, a withdrawal of ETH worth $9.04 million took place from the same exchange.
It is worth noting that these accumulations occurred at an average price of $3,416. Furthermore, market sentiment has turned bullish for Ethereum, mainly due to the whale’s massive accumulation.
The whale activity also fits into the context of recent optimism about the ETF ETHAs mentioned above, eight companies, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco, have filed S-1 amendment documents.
Nate Geraci, President of ETFstore, also stepped up to claim that the launch of the ETH ETF is imminent, expected in 2 to 3 weeks.
Meanwhile, ETH and PEPE prices saw considerable gains today.
Read also : AVAX Price Rally to Overtake Solana Price Surge: Santiment
ETH and PEPE price performance
In writing, The price of PEPE posted an increase of 1.39% to trade at $0.00001244. On the other hand, the ETH Price The chart shows a 0.86% rise in value to $3,453.94.
Conversely, Coinglass data shows a 1.75% decline in Ethereum Futures OI to $15.19 billion. Derivatives volume fell 6.47% to $19.08 billion. This data signals a reduction in investor interest in the asset, giving rise to mixed market sentiments regarding future movements.
Simultaneously, PEPE’s OI saw an increase of 3.94% to $142.37 million, while volume fell by 6.94% to $977.38 million.
Read also: Is the capitulation of Bitcoin miners over? On-chain data signals market recovery