As a researcher with extensive experience in the cryptocurrency market, I’ve observed that Ethereum whales have been aggressively buying large quantities of tokens over the past three weeks, amounting to roughly $2.45 billion. However, this bullish trend has not translated into significant price gains for Ethereum, which is currently trading at around $3,560 after a recent dip below $3,360.
Based on information from the cryptocurrency analysis tool Santiment, it’s been revealed that Ethereum wealthy investors, referred to as “whales,” have amassed approximately 700,000 ETH tokens (equivalent to around $2.45 billion) within the past three weeks.
As an analyst, I’ve observed that despite recent buying activity, Ethereum has yet to fully recover its bullish energy. At present, the leading altcoin is priced at $3,562 on Bitstamp following a dip to an intraday minimum of $3,360 on June 14.
This past week, ShayanBTC of CryptoQuant pointed out that Ethereum’s bearish trend may continue in the upcoming days as a result of substantial selling by traders in the futures market.
It surged in tandem with Bitcoin on Wednesday due to better-than-anticipated U.S. inflation data.
After Federal Reserve Chair Jerome Powell expressed some hawkish views suggesting fewer interest rate reductions in 2021, cryptocurrencies and other risk assets experienced a correction.
Will Ethereum ETFs be bullish catalyst?
Last month, the Securities and Exchange Commission (SEC) surprised the financial world by granting approval for several Ethereum exchange-traded fund (ETF) applications under Rule 19b-4. This unexpected decision sparked a significant rally in Ethereum, pushing it near the $4,000 mark on May 27. However, investor enthusiasm took a sharp turn when traders came to terms with the reality that the SEC had not yet approved the S-1 registration forms necessary for these ETFs to commence trading.
Based on the report from U.Today, I, as a researcher, can share that Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), indicated during a recent congressional hearing that Ethereum ETFs could secure final approval this summer.
As a researcher studying the financial market trends, I’ve come across JPMorgan’s recent prediction regarding Ethereum Exchange-Traded Funds (ETFs). Contrary to excitement and high expectations, they anticipate these funds will only draw moderate investments.
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2024-06-16 16:33