The market is debating when the SEC will approve a spot Ethereum ETF. However, according to new documents, SEC Chairman Gary Gensler’s opinion is that Ethereum is a security. Meanwhile, following this news, the leading altcoin came under sudden selling pressure. On-chain whale watcher Whale Alert found that whales were dumping ETH onto exchanges.
According to the SEC and its Chairman, the leading altcoin Ethereum is a “security!”
cryptokoin.comAs you follow from , the market started the new week in the red zone. The SEC Chairman’s emerging comments on Ethereum increased the selling pressure in the market. New court filings show SEC and Chairman Gensler believe leading altcoin Ethereum is a security for at least a year, FOX Business reports
This statement follows a complaint filed against the agency by Ethereum software company Consensys. The company alleges the SEC failed to comply with federal securities laws. So, the SEC filed a lawsuit against it. Court documents in this case reveal that Gary Gensler held this belief. Additionally, court filings state that Gensler has viewed ETH as a security since Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS). FOX Business reporter Eleanor Terret shared the development on account X as follows:
Breaking News: New court filings show the SEC and Chairman Gensler believed Ethereum was a security for at least a year.
The new documents filed Monday have not yet been reported. These documents shed light on the timeline behind the SEC’s consideration of Ethereum’s security status. It also answers perhaps the $2 trillion digital asset industry’s biggest question regarding the legal status of a cryptocurrency held by millions of investors.
Ethereum whales are piling ETH into Binance!
The leading altcoin price lost approximately 5% today. Whale data shows that 56 thousand ETH was moved to crypto exchange Binance. This led to speculation about a potential correction for ETH. Interestingly, data from various on-chain trackers has illuminated significant whale activity surrounding ETH. In the past 24 hours, whales dumped exactly 55,706 ETH onto Binance
To put this into perspective, Whale Alert’s data reveals that 10,431 ETH worth $33.23 million was transferred to Binance. Additionally, another whale moved 33,383 ETH worth $106.12 million to the same exchange. Then, another whale shifted 11,892 ETH worth $38.07 million to the same exchange. These massive Ethereum sell-offs have led to sentiments about a potential correction in Ethereum’s price in the coming period. While the post-whaling rally has not yet occurred, this behavior of the whales further strengthens the dump thoughts.
The leading altcoin price is falling
At the time of writing, the price of Ethereum has dropped approximately 5% in the last 24 hours. ETH is currently trading at $3,154. The turbulent price movement shown by the token is further aligned with derivative data. Coinglass shows a 4.76% decrease in ETH open interest. On the other hand, he emphasizes that the derivative volume increased by 11.00%. Consistent with Ethereum’s recent increased volatility, derivatives data points to mixed sentiment among investors, likely resulting from speculative trading.
However, TRON founder Justin Sun has been accumulating staggering amounts of ETH lately. Moreover, SUN, a major Ethereum whale, has been doing this for a long time. This paints an optimistic scenario for the token in the long term. Crypto investors continue to monitor Ethereum extensively for any price changes.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!