ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval

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As a researcher with a background in cryptocurrencies and blockchain technology, I’m excited to see the recent surge in Ethereum (ETH) price and increased whale activity ahead of the upcoming spot Ethereum Exchange-Traded Fund (ETF). The on-chain data suggesting a significant withdrawal of 60K ETH ($203 million) by a major whale, possibly Abraxas Capital, from Bitfinex at around $3,387 in the past 17 hours is particularly intriguing. This whale’s subsequent lending and deposit actions further indicate an expected price increase for ETH.

As the dreary second quarter draws to a close, the wider cryptocurrency market is rebounding strongly. Notably, Ethereum (ETH) has experienced a significant increase of over 5%, pushing past the $3,500 threshold. This uptick in price coincides with heightened whale activity preceding the anticipated launch of the Ethereum Spot ETF, slated for July 8.

Ethereum Whale Activity Spikes, ETH price Jumps

Expert: A notable crypto investor, believed to be Abraxas Capital, extracted a large sum of 60,000 ETH, equivalent to approximately $203 million at the current market price of $3,387, from Bitfinex exchange within the last 24 hours. The value of this withdrawal has already resulted in a potential profit of nearly $6.5 million for the investor since the Ethereum price has risen by around 4% post-transaction.

In the last 17 hours, a large entity believed to be Abraxas Capital (equating to approximately $203 million in value) has taken out 60,000 ETH ($3,387 per ETH) from Bitfinex.
The whale then lent $ETH to #Spark to borrow $119M in stablecoins and deposited it to #Binance.
The $ETH price is up by 3% (17H), suggesting a $6.27M…
— Spot On Chain (@spotonchain) July 1, 2024

At present, Ethereum is experiencing a 4.19% increase in price, currently at $3,499. Its market capitalization amounts to an impressive $420.7 billion. The daily trading volume for Ethereum has surged by 50%, reaching a significant $9.8 billion. For the Ethereum price trend to continue climbing, it’s essential that it closes the day above $3,500. This closing would encourage bulls to pursue their next objectives, which include targets at $4,000 and beyond.

In the midst of great anticipation for an Ethereum ETF approval, large investors, or “whales,” have been exchanging other cryptocurrencies for Ethereum (ETH). Last week, a significant PEPE investor transferred $18 million worth of their PEPE tokens into Ethereum in preparation for a potential major price surge.

Ethereum ETF Excitement Continues

Based on recent reports from CoinGape, I’ve learned that the launch of the Ethereum spot ETF may experience a delay in its timeline, which was initially set for July 4th. Last week, the U.S. Securities and Exchange Commission (SEC) requested that issuers resubmit their S-1 forms by the 8th of July. As an Ethereum investor, I’ll be keeping a close eye on this development to see how it might impact the market.

The President of ETF Store, Nate Geraci, has indicated that the revisions to the S-1 forms are not significant and that regulatory approval for trading could be granted within the next two weeks. Although an exact launch date is yet to be determined, the SEC has suggested it could happen by the summer’s end. This potential development may continue fueling investor enthusiasm and potentially influence the price of ETH.

Nate Geraci anticipates that the Ethereum spot ETF will rank as the second most successful launch in ETF history, trailing behind only the spot Bitcoin ETFs.

Early (& easy IMO) prediction…

Spot eth ETFs will be 2nd most successful debut in ETF history, only behind spot btc ETFs.

So two most successful ETF launches in 30+yr ETF history will occur this yr.

Bitcoin & ether.

Paying attention yet?

— Nate Geraci (@NateGeraci) June 30, 2024

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2024-07-01 06:32