A significant Ethereum transaction has caught the market's attention. It comes as the US nears approval of a spot Ether ETF. The move could shape Ethereum's trajectory in the weeks ahead.
An Ethereum whale has withdrawn 16,449 ETH from Binance. The transaction is valued at roughly $50.3 million. It coincides with Ethereum's price rebounding above $3,000.
Spot On Chain, an onchain data provider, highlighted the whale's activity. "This marks their first major Ether accumulation," they noted. The funds now sit in a new wallet.
The timing is crucial. It aligns with the expected launch of Ether ETFs next week. Spot On Chain pondered on X: "Could this large transfer signal bullish sentiment for Ethereum?"
ETF introduction typically boosts institutional interest. This often drives up prices. The whale activity and impending ETF launch suggest heightened interest in Ethereum.
Ether's price jumped 10.11% on July 9. It hit $3,113, up from about $2,830 the previous day. This rally coincided with positive fund flows.
CoinShares reported $10.2 million inflows to Ether-linked funds. This was for the week ending July 5.
VanEck and 21Shares recently updated their SEC registrations. They aim for July approval to list and trade spot Ether ETF shares.
21Shares also revised its Core Ethereum ETF form. Neither filing specified an exact launch date. Both stated they'd launch "as soon as practicable after the effective date".
Competition among ETF sponsors is heating up. Invesco and Galaxy set a 0.25% management fee for their Ethereum ETF. They filed this with US regulators on July 9.
The SEC greenlit spot Ether ETFs in May. Yet, investors pulled $61 million from Ether investment products between June 24 and 29. This brought June's total outflows to $37 million.
The market's on edge. Will the whale's move and upcoming ETFs give Ethereum a boost? Only time will tell.