Whale Converts Over $18M in PEPE to ETH Amid ETF Anticipation

by

As a seasoned crypto investor who has witnessed numerous market fluctuations over the past few years, I find this recent whale transaction involving 0x837 converting $18 million worth of PEPE to Ethereum quite intriguing. It’s essential to analyze such moves as they often set trends and indicate potential price shifts in the market.

As an analyst, I’ve discovered that a whale has exchanged approximately $18 million worth of PEPE tokens for Ethereum within the past 3 hours. This significant transaction unfolds against the backdrop of a downward trend in PEPE’s price and heightened investor attention towards Ethereum. The growing anticipation stems from the forthcoming potential approval of a spot Ethereum Exchange-Traded Fund (ETF), fueling increased demand for Ethereum.

Whale Converts PEPE Holdings to Ethereum

Based on current news, the whale identified as 0x837 has converted all its PEPE tokens into Ethereum. This transaction was detected around five hours ago when the whale withdrew a sum of 1,728 ETH, equivalent to roughly $5.86 million, from Binance.

The whale 0x837 already switch all $PEPE into $ETH.
Three hours ago, he pulled out $5.86M worth of ETH (1,728 $ETH) from Binance. Over the past two days, he has amassed a total of $14.91M in ETH (4,374 $ETH).
Those $ETH were staked into #Compound.
— The Data Nerd (@OnchainDataNerd) June 29, 2024

Over the past two days, the amount of Ethereum held by 0x837 has grown by 4,374 ETH. This equates to approximately $14.91 million. The Ethereum was then staked into the Compound protocol, signaling a deliberate approach toward generating returns.

Detailed Transactions and Market Impact

According to Coingape’s previous report, a large investor, identified as 0x837, transferred over 300 billion PEPE tokens, equivalent to around $3.85 million, into Binance on the day prior. However, this transaction incurred a loss of approximately $1.73 million for the investor.

Yesterday, there were transactions on Binance involving a large investor. They added 1.1 trillion PEPE, which equated to approximately $14.42 million, and took out 1,210 ETH, equivalent to around $4.1 million. Simultaneously, they exchanged 1.4 trillion PEPE into 2,646 ETH, representing a value of roughly $18.01 million.

The cost for these transactions on average came out to be $3,416, indicative of a calculated buying spree of Ethereum (ETH) from a large investor. This prominent investor’s actions align with the growing market confidence towards Ethereum, fueled by the possibility of SEC’s approval for a spot Ethereum Exchange-Traded Fund (ETF), despite recent revisions requested by applicants.

Anticipation of Ethereum ETF Approval

Institutional investors are likely to take notice and show significant interest if an Ethereum-based ETF receives approval. The experience with Bitcoin ETFs indicates a robust appetite amongst these investors for investing in cryptocurrencies.

Despite the positive outlook among industry experts regarding Ethereum, it’s anticipated that investments in Ether spot Exchange-Traded Funds (ETFs) might not reach the same volumes as those observed in US spot Bitcoin ETFs.

Based on current estimates, Ethereum ETF inflows are anticipated to be approximately one-third the size of Bitcoin ETF inflows, falling somewhere between 20% and 50%. This projection mirrors the capitalization ratio between Ethereum and Bitcoin, implying that while there is strong investor interest in Ethereum, it may not attain the extraordinary heights seen with Bitcoin.

Pepe & Ethereum Price Trend

Pepe’s price has fluctuated significantly in the past 24 hours, ranging from a high of $0.000012 and a low of $0.00001145. Currently, PEPE is being traded at $0.00001161, representing a 2% drop compared to the previous resistance level.

Currently, Ethereum’s (ETF) price is on the mend as buyers try to push it above the $3,500 mark. In the past 24 hours, the ETH price has fluctuated between the support at $3,363.44 and resistance at $3,401.73. At present, Ethereum’s bullish trend is in charge, with the coin being traded at $3,381.23.

PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds

Read More

2024-06-29 21:52