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ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval

ETH price sees a significant boost as Abraxas Capital withdraws 60K ETH worth $203 million from Bitfinex. Ethereum ETFs are expected to go live in the US within the next 14-21 days.
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ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval

Highlights

  • An Ethereum whale, reportedly Abraxas Capital, withdrew 60K from Bitfinex.
  • The ETH price has risen by 4%, resulting in an unrealized profit of nearly $6.5 million for the whale.
  • The U.S. SEC has requested S-1 form revisions with potential approval in next 14-21 days.

As we say goodbye to a lackluster Q2, the broader cryptocurrency market is experiencing a robust rebound, with Ethereum (ETH) price surging by 5% to exceed $3,500. This surge coincides with increased whale activity ahead of the spot Ethereum ETF launch slated for July 8.

Ethereum Whale Activity Spikes, ETH price Jumps

On-chain data provider Spot on Chain has reported that a significant whale, reportedly Abraxas Capital, has withdrawn a massive 60K ETH, valued at $203 million, from crypto exchange Bitfinex, at a price of $3,387 in the past 24 hours. The ETH price has already rallied 4% since then giving the whale an unrealized profit of nearly $6.5 million.

https://twitter.com/spotonchain/status/1807589746002309551?ref_src=twsrc%5Etfw” rel=”nofollow

As of press time, the Ethereum price is trading 4.19% up at $3,499 with a market cap of $420.7 billion. The daily trading volume for Ethereum has also shot up by 50% to $9.8 billion. For this ETH price rally to sustain, it must give a daily closing above $3,500 so that the bulls can eye the next target levels of $4,000 and above.

Amid the strong excitement around spot Ethereum ETF, whales have been swapping other altcoins for ETH recently. Last week, a PEPE whale converted $18 million of their PEPE coins to Ethereum expecting a major rally going ahead.

Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds

Ethereum ETF Excitement Continues

As reported by CoinGape, the launch of spot Ethereum ETF faces some delay from the previous timeline of July 4. Last Friday, the U.S. Securities and Exchange Commission (SEC) sent back the S-1 forms to issuers asking them to resubmit them by the 8th of July.

ETF Store President Nate Geraci has stated that the S-1 revisions are relatively minor while suggesting that the regulators can approve issuers for trading within the next 14-21 days. While the timeline of the launch still remains uncertain, the SEC has hinted at the possibility by the summer end. This could probably keep the ETH price moving forward amid the investor excitement.

Nate Geraci has also made the prediction that the spot Ethereum ETF will be the second-most successful debut in the ETF history, only after spot Bitcoin ETFs.

https://twitter.com/NateGeraci/status/1807548524910850284?ref_src=twsrc%5Etfw” rel=”nofollow

Also Read: What to Expect from Ethereum Price In July

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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