A massive Ethereum (ETH) whale, which has already reaped profits exceeding $76 million from investments in the second-largest cryptocurrency by market capitalization, is now resuming its accumulation of more tokens. This move comes amidst mounting speculation surrounding the imminent launch of spot Ether exchange-traded funds (ETFs) in the United States.
SpotOnChain, a blockchain analytics firm, reports that this "giant whale" has recently withdrawn 7,000 ETH, valued at over $26 million, from the prominent cryptocurrency exchange Binance. This withdrawal occurred at an approximate price of $3,800 per coin. Notably, the whale had previously withdrawn most of its ETH holdings during the bear market of last year, only to deposit them back onto the centralized exchange once the price surged.
The whale currently possesses 36,785 ETH, valued at over $140 million, and is sitting on a profit of around $76.6 million. As previously reported by CryptoGlobe, the U.S. Securities and Exchange Commission (SEC) unexpectedly approved spot Ether exchange-traded funds (ETFs) last month.
This surprising move caused the price of ETH to soar by over 25%, as the market had been anticipating a rejection. Investors are likely buoyed by the successful launch of US-listed spot Bitcoin ETFs in January, which rapidly accumulated billions in assets.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) became the fastest ETF to reach $20 billion in assets, achieving this milestone in just 144 days, whereas the runner-up took over 900 days to accomplish the same feat.
Whale Activity Surges as 800,000 ETH Leaves Exchanges
The accumulation by whales has been intensifying, as highlighted by a CryptoQuant analyst who noted that over 800,000 ETH, valued at around $3 billion, has been moved off centralized cryptocurrency exchanges in just over a week. This activity is believed to be driven by institutions preparing for the anticipated launch of a spot Ethereum ETF in the United States, aiming to meet potential investor demand.
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Source: burakkesmeci on CryptoQuant
Additionally, IntoTheBlock, a cryptocurrency intelligence firm, has observed a significant increase in whale accumulation. Currently, 41% of the total supply of Ethereum is held by addresses with more than 1% of its total circulating supply, up from 36% at the start of the year. This trend underscores the growing confidence in ETH among large holders.
See more: Cryptocurrency Prices and Market Cap
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