16,604 ETH Grabbed on Binance as SEC Confirms Ethereum Is Not Security

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As an experienced financial analyst, I believe the recent announcement of the SEC’s closure of its investigation into Ethereum 2.0 has significantly impacted the market. This news brought a wave of optimism among investors, leading to a surge in buying activity from large whales like the one mentioned in this article.

As an analyst, I’ve noticed an uptick of 4.9% in Ethereum (ETH) prices within the last 24 hours following its triumph over the U.S. Securities and Exchange Commission (SEC). Seizing this opportunity, a shrewd investor, referred to as a “whale,” purchased several tens of millions of dollars’ worth of ETH immediately after the announcement and subsequently withdrew these holdings from Binance.

Big whale buys large ETH stash

According to the latest report from Spotonchain’s account @X, an unidentified cryptocurrency magnate moved a substantial amount of Ethereum, equivalent to 16,604 ETH or around $58.6 million, from Binance over the past 19 days. This Ethereum was purchased at an average price point of $3,600 per coin.

Recently, within the past few hours, he made a significant acquisition: the purchase of approximately 5,603 ETH, which is equivalent to around $19.7 million, following the SEC’s decision to terminate permanently their probe into Ethereum 2.0.

A large whale withdrew the equivalent of $58.6 million in ETH (16,604 $ETH) from Binance, with an average purchase price of $3,600 over the past 19 days. The whale’s recent activity involved acquiring an additional 5,603 $ETH ($19.7M) approximately an hour ago, following the SEC’s permanent suspension of their Ethereum investigation. Keep up with @spotonchain for updates.— Spot On Chain (@spotonchain) June 19, 2024

SEC’s Ethereum 2.0 investigation closed

Today, ConsenSys Labs, founded by Ethereum co-creator Joseph Lubin, made a significant announcement: The Securities and Exchange Commission (SEC) Enforcement Division has concluded its investigation into Ethereum 2.0, bringing good news for Ethereum developers and the broader cryptocurrency community.

As a researcher, I’m thrilled to share some exciting news with you all: Ethereum 2.0 has successfully navigated through the Securities and Exchange Commission (SEC) investigation. The Enforcement Division of the SEC has recently notified us of their decision to close the case. Consequently, Ethereum developers, technology providers, and industry participants can breathe a collective sigh of relief as we continue our journey in building the future of blockchain technology on this platform.

— Consensys (@Consensys) June 19, 2024

As a researcher, I’ve come across information indicating that the regulator will not label Ethereum as a security following this development. This determination, based on the ConsenSys X thread, appears to be a result of the letter sent to the SEC on June 7th. In this correspondence, the team requested confirmation that the approval of the spot Ethereum ETFs by the SEC in May implied that the investigation would conclude.

For Ethereum, this decision holds significant importance. Yet, it does not provide relief for the countless blockchain developers, technology providers, and others in the cryptocurrency sector who have been negatively impacted by the “SEC’s alleged unlawful and aggressive approach to crypto regulation.”

Ethereum jumps almost 5%

As a crypto investor, I’ve witnessed a significant price surge in Ethereum, the second largest cryptocurrency, following the SEC’s regulatory decision. The uptick amounted to an impressive 4.88% increase.

I’ve observed an uptick in Ethereum’s price following the 6.69% decrease we witnessed earlier this week. However, after that 5% surge, there was a minor correction with a pullback of less than 1%. Currently, Ethereum is being traded at $3,541.

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2024-06-19 15:56