Ethereum Whales Make Massive Moves Ahead of Spot ETF Approval
Ethereum whales are making waves in the crypto market as the approval of a spot Ethereum ETF looms on the horizon. Two Ethereum wallets linked to the ICO period have recently made significant deposits totaling 3,631 ETH, valued at $12.5 million, to the exchange Kraken.
Wallet 0xdb3 unloaded 2,631 ETH, worth $9.01 million, with a history of receiving Ethereum from both the Ethereum Foundation and ICO participant 0xAb0. This wallet has deposited a total of 17,886 ETH, equivalent to $65 million, to various centralized exchanges in the past month.
Another wallet, 0xbf5, recently deposited 1,000 ETH, valued at $3.46 million, after receiving Ethereum from ICO participant 0x510. This wallet still holds 49,000 ETH, worth $171 million, across four different wallets.
The market is abuzz with excitement over the upcoming approval of the spot Ethereum ETF on July 23rd. The ETH price has surged to $3,500 levels in anticipation of the launch, with implied volatility spiking on near-term contracts. Analysts predict the ETH price rally could continue to $4,500 following the ETF approval.
Investors should brace for volatility in ETH until the SEC greenlights the ETFs for trading. While Ethereum is expected to outperform Bitcoin post-approval, there is a possibility of a ‘sell the news’ event before a major bull rally ensues. Stay tuned for more updates on this developing story.
