The cryptocurrency market is buzzing with activity as Ethereum (ETH) has experienced a significant increase in the last 24 hours, causing crypto whales to seize the opportunity. The approval of spot Bitcoin exchange-traded fund (ETF) applications in the US on January 10 turned attention to Ethereum ETFs. Increased interest in Ethereum has led to a rapid increase in its price of over 10%.
Whales get excited about the possibility of an Ethereum ETF
In response to the increase in Ethereum’s price, savvy investors are making strategic moves. It is noteworthy that a prominent Ethereum investor transferred assets worth millions of dollars to the leading cryptocurrency exchange Binance. On-chain analysis provided by Lookonchain reveals that a whale initiated a transaction on January 11 and sent 3,600 ETH ($9.28 million total) to Binance in chunks over the last 12 hours.
This whale, which was previously active on Binance between May 8 and August 24, purchased 42,800 ETH, that is, $78.9 million, at a price of $1,843. After months of waiting, the whale took action again on November 9 and deposited 8,700 ETH worth $20.56 million on Binance to make a profit. The total profit of the whale, which currently has 4,100 ETH in hand, is over 29 million dollars, and the value of its assets is 87.8 million dollars.
ETFs are gaining momentum
With the approval of spot Bitcoin ETFs on January 10, attention quickly turned to Ethereum ETFs. The legitimizing of Bitcoin, especially among institutional investors, has also increased interest in other cryptocurrencies. Numerous companies have filed for spot Ethereum ETFs, including financial giants such as BlackRock, Fidelity, Hashdex, ARK-21Shares, VanEck, Invesco, and Grayscale. Bloomberg analyst Eric Balchunas, known for his accurate predictions in the crypto market, suggests that spot Ethereum ETFs have a 70% chance of gaining approval by May.
Legal expert Joe Carlasare, who represents numerous crypto firms, warns that despite the optimism, the approval process could be longer than expected. Carlasare emphasizes that the SEC will carefully consider which digital asset ETFs to green light and provide guidance to potential applicants. As Ethereum continues to shine on the back of Bitcoin’s newfound legitimacy, the cryptocurrency landscape is witnessing dynamic changes. According to CoinGecko data, at the time of writing, Ethereum is trading at $2,585, up 8.8% in the last 24 hours. Investors and enthusiasts are eagerly awaiting further developments in the evolving narrative of cryptocurrency ETFs.
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