Whale Moves 16,447 ETH Ahead of Ethereum Spot ETF Launch

cryptonews.com:

An Ethereum Whale grabbed the attention of crypto market observers on Wednesday by transferring 16,449 ETH (valued at approximately $50.3 million) from their Binance wallet to another address, potentially signaling bullish sentiment as the market anticipates the launch of the Ethereum Spot ETF.

As Ether’s price rebounded above $3,000, an Ethereum Whale withdrew 16,449 ETH, according to on-chain data provider Spot On Chain.

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

This on-chain data also revealed this was the whale’s first major Ether accumulation.

The timing of this large withdrawal is considered strategic by many, as spot Ethereum ETFs are expected to launch in the United States next week, leading to speculation about potential market movements and investor sentiment.

Many expect Ether to follow a similar trajectory as Bitcoin, which saw large market accumulations following the launch of its spot ETFs.

This is based on the expectation that institutional investors will increase their appetite for ETH investment, potentially driving up its price.

Ether’s price increased by 10.11% on July 9, reaching a high of $3,113 after a low of approximately $2,830 the previous day.

This rally coincided with a CoinShares report stating that Ethereum-linked investment funds received $10.2 million last week.

Many speculators argue that the aggressive acquisition of ETH is in anticipation of the launch of the Ethereum Spot ETF.

This trend echoes