Ethereum rebounds, whales scoop ETH: Will the ETF approval boost gains?

Ethereum whales are actively accumulating, with recent large transactions signaling renewed confidence.
Anticipation of Ethereum ETF approval drives significant institutional inflows, suggesting bullish sentiment.

As an experienced cryptocurrency analyst, I have closely observed the recent market trends in Ethereum [ETH]. The renewed confidence among Ethereum whales, as evidenced by their large transactions, is a significant development that could potentially shift the market sentiment.

Large-scale Ethereum [ETH] investors, or “whales,” have become more active in the market due to a recent surge in the cryptocurrency’s price.

After a week of decline, the price of Ethereum has bounced back, resulting in significant transactions by large investors.

At the moment I’m penning this down, Ethereum was priced at $3,113.58 on the market, and its trading volume over the past 24 hours amounted to an impressive $14,340,649,075, as reported by CoinGecko.

I observed a 1.07% rise in price within the last 24 hours, yet there was a more substantial decrease of 7.46% over the previous seven days for this cryptocurrency.

As a researcher observing market trends, I’ve noticed an escalation in prices leading to heightened purchasing activity among large investors, or “whales.” This behavior could indicate a change in investor sentiment towards the market.

Significant whale movements

Recent on-chain data indicated substantial activity among Ethereum whales.

As a data analyst at Spot On Chain, I’ve noticed an intriguing transaction unfold on the Ethereum blockchain. Specifically, a significant Ethereum holder, identified as a whale, transferred 16,449 ETH from Binance [BNB], equating to approximately $50.3 million based on current market rates.

When ETH exceeded $3,000 for the first time, a large investor (whale) made a significant purchase. After this transaction, the acquired Ether was moved to a different digital wallet and has stayed there since.

Additionally, according to Whale Alert, a transfer of 9,966 ETH, worth around $30.6 million, was recorded moving from Kraken exchange to an unidentified wallet.

As an analyst, I’ve observed a noteworthy development in the Ethereum (ETH) market: whales have recently started amassing ETH once again. This follows a spell of dispersal where these large entities had been distributing their ETH holdings. The trend aligns with a broader pattern suggesting a resurgence of interest and investment in Ethereum from significant players.

Ali, a known analyst on X, commented,

“After a brief distribution period, #Ethereum whales are back to accumulating $ETH!”

Since mid-April, the count of ethereum addresses containing more than 10,000 ether units has decreased. However, this trend reversed in early July as the number started to increase once more.

Some large whale investors decreased their cryptocurrency stashes during the price drop, but have since started buying more.

Large-scale withdrawals and accumulations occurred in sync with the market’s heightened expectation that the Ethereum ETF would become available the following week.

The progress made in this area may serve as an optimistic indicator for Ethereum, possibly leading to increased investment and price growth.

Potential impact of Ethereum ETF approval

Katherine Dowling, the Chief Compliance Officer at Bitwise, has confirmed that the United States’ approval process for a spot Ethereum Exchange-Traded Fund (ETF) is progressing.

With issuers submitting their S-1 amendments, analysts expect the approval around the 18th of July.

Read Ethereum’s [ETH] Price Prediction 2024-2025

Institutional investors have been purchasing large amounts of Ethereum in preparation for potential approved Ethereum Exchange-Traded Funds (ETFs), resulting in a significant increase in investments.

Last week, there was an inflow of $10.2 million into Ethereum investment products, signaling a rising institutional appetite for this digital asset.

2024-07-10 22:47

Significant whale movements

Potential impact of Ethereum ETF approval

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