Ethereum (ETH) is currently pushing against the $4,000 level amidst recent developments involving the Securities and Exchange Commission (SEC). Speculation is growing that Ethereum may follow a similar path to Bitcoin (BTC) in terms of price movement, as seen with Bitcoin’s notable price surge following the approval of Bitcoin ETFs. The removal of barriers to the introduction of Ethereum ETFs is also believed to have sparked significant activity among large investors, known as whales, supporting Ethereum’s upward trajectory.
Whale Purchases Ethereum (ETH)
SpotOnChain, a reputable analysis platform, recently revealed a significant transaction involving an Ethereum whale on June 3. The whale managed to find buyers at the $3,814 level, transferring approximately $26.7 million worth of ETH to Binance. For the latest financial and business news, visit COINTURK FINANCE.
The Ethereum whale, known for strategically transferring ETH to wallets during bear markets and moving them to exchanges during price increases, currently holds 36,785 ETH valued at $141 million. This particular whale, renowned for its trading prowess, has seen a remarkable 57.9% growth in assets, resulting in a profit of $76.6 million.
Ethereum Withdraws from Exchanges
Since the approval of spot Ethereum ETFs in the United States on May 23, a staggering $3 billion worth of Ethereum has been withdrawn from centralized crypto exchanges. This significant movement indicates a potential supply shortage in the market.
According to data from CryptoQuant, Ethereum reserves on exchanges plummeted by 797,000 units between May 23 and June 2, reaching $3.02 billion. The decrease in exchange reserves suggests that investors are opting to hold onto their assets and transfer them to wallets rather than engaging in quick sales.
Increase in Ethereum Holdings
There has been a notable surge in activities among Ethereum whales this year. Data from IntoTheBlock revealed a substantial increase in large ETH investments, with the percentage of wallets holding more than 1% of the total ETH supply rising from 36% to 41%.
Similarly, Santiment data from June 4 indicated a similar trend, highlighting significant accumulations by whales holding between 10 million and 100 million ETH since May 20. This accumulation trend continued after the approval of spot ETH ETFs on May 23. Meanwhile, whales holding between 1 million and 10 million ETH appeared to be capitalizing on the situation, while exchange reserves experienced a notable decline.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own thorough research.
