An Ethereum whale recently made headlines in the cryptocurrency world by withdrawing a staggering 16,449 ETH, valued at approximately $50.3 million, from Binance. This significant move, according to on-chain data provider Spot On Chain, marks the first major accumulation by a new whale address, coinciding with Ethereum’s price surge past the $3,000 mark.
Whale’s $50 Million ETH Withdrawal Signals Bullish Sentiment
Spot On Chain’s analysis reveals that the withdrawn ETH has been swiftly transferred to a new wallet, where it currently remains. The timing of this withdrawal aligns closely with market anticipation surrounding the imminent approval of the Ethereum spot ETF, scheduled tentatively for next week. This strategic manoeuvre suggests a potentially bullish outlook for Ethereum in the near term.
7 hours ago, a whale/institution withdrew 16,449 $ETH ($50.3M) from #Binance as the #Ethereum price rebounded to above $3,000.
This is the whale’s first large $ETH accumulation. So far, it has moved all $ETH to a new wallet and held them there.
Note that the ETH ETF is likely… pic.twitter.com/BBHOvWM3yx
— Spot On Chain (@spotonchain) July 10, 2024
Golem Network Liquidates ETH Holdings Amid Market Dynamics
In contrast, the Golem Network, a decentralized computing platform, has been actively liquidating its ETH holdings over the past week. Reports from on-chain data indicate that Golem deposited approximately 29,000 ETH, valued at nearly $90 million, onto major crypto exchanges such as Binance, Bitfinex, and Coinbase within a span of five days. This sizable movement underscores ongoing market dynamics and strategic adjustments by different entities within the Ethereum ecosystem.
Also Read: Grayscale to Distribute Ethereum Mini ETF Shares in July 2024
Anticipation Builds Around Ethereum ETF Approval
Market experts, including Katherine Dowling, Chief Compliance Officer of Bitwise, have affirmed that the approval process for the Ethereum spot ETF in the United States is nearing its conclusion. With all issuers having submitted their S-1 amendments, industry analysts speculate that the final approval could be announced as early as next week, potentially by July 18.
Last week, Ethereum investment products witnessed a notable inflow surge, totalling $10.2 million, as institutional players positioned themselves ahead of the anticipated ETF approval. This influx reflects growing confidence among investors and traders alike, reminiscent of previous bullish trends observed following significant regulatory milestones.