Ethereum
Ethereum whales buy $126M in ETH: details
Mushumir Butt
Ethereum Sees Huge Outflows on Exchanges Due to Potential ETF Launch
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Major crypto investors, or whales, have started accumulating Ethereum (ETH) in large numbers. This trend emerged last week as ETH price managed to rebound after the crypto crash. This bullish sentiment in the market signals a sustained rebound for the leading altcoin.
According to the latest data According to IntoTheBlock, Ethereum has seen massive cryptocurrency outflows. Around $126 million worth of ETH was withdrawn from cryptocurrency exchanges this week. This means that Ethereum whales have been buying huge amounts of coins during this time.
It is worth noting that this strong accumulation trend comes ahead of the potential launch of Ethereum spot ETFs in the coming days. On July 17, the U.S. Securities and Exchange Commission (SEC) gave the green light to proposed regulatory changes to list two spot ETFs.
According to the manager announcementApplications from two Ethereum ETF filers, ProShares Ethereum ETF and Grayscale Ethereum Mini Trust, have been approved by the SEC. These spot Ethereum ETFs have been approved to be listed and traded on the NYSE Arca Inc. However, official trading will begin after the S-1 filings are approved.
Ethereum Price Evolution
Amidst the ETF buzz and strong accumulation trend, Ethereum price has dropped by 1.48% today. Currently trading at $3,408.57, the price is still up 10.9% over the last seven days. This means that ETH is still in the bullish zone despite the slight drop in its value today. Moreover, the broader outlook for ETH seems bullish.
THE spot Ethereum ETFs are expected to inject massive institutional investment into the ETH market. This will eventually provide a major boost to the ETH price in the long run. whales are also anticipating bullish momentum from the coin, as evidenced by the recent accumulation trend. Overall, the market is expecting notable gains from ETH in the near future.
About the Author
Mushumir Butt
With over three years of experience in the cryptocurrency industry, Mushumir is a seasoned author dedicated to understanding the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical knowledge and communicative flair to the crypto space. Having authored countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and those new to the cryptocurrency space.