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

Highlights
- Whale 0x837 shifts $18M from PEPE to ETH, stakes in Compound.
- Ethereum ETF inflows projected at 33% of Bitcoin's, post-approval.
- PEPE price dips to $0.00001161 amid whale's massive ETH move.
A whale has converted over $18 million worth of PEPE for Ethereum in the last 3 hours. This transaction comes amid a decline in the PEPE price and increased investor interest surrounding Ethereum, particularly in anticipation of a spot Ethereum ETF.
Whale Converts PEPE Holdings to Ethereum
According to recent reports, a whale known as 0x837 has switched all its PEPE holdings to Ethereum. This activity was observed 5 hours ago when the whale withdrew 1,728 ETH, valued at approximately $5.86 million, from Binance.
The whale 0x837 already switch all $PEPE into $ETH.
3 hours ago, he withdrew 1,728 $ETH (~$5.86M) from #Binance 👉 he totally accumulated 4,374 $ETH (~$14.91M) during last 2 days.
Those $ETH were staked into #Compound.https://t.co/vUBwSf5G90 pic.twitter.com/nU5YRUHXXM
— The Data Nerd (@OnchainDataNerd) June 29, 2024
Over the last 2 days, 0x837 has accumulated 4,374 ETH, worth around $14.91 million. These Ethereum holdings were subsequently staked into the Compound protocol, indicating a strategic move toward yield generation.
Detailed Transactions and Market Impact
As earlier reported by Coingape’, the whale 0x837 deposited 300 billion PEPE, worth about $3.85 million, into Binance yesterday. This transaction resulted in a loss of approximately $1.73 million for the whale.
The previous day saw the deposit of 1.1 trillion PEPE, worth $14.42 million, and the withdrawal of 1,210 ETH, valued at $4.1 million, from Binance. Concurrently, the whale had converted 1.4 trillion PEPE to 2,646 ETH, amounting to $18.01 million.
The average price for these transactions was $3,416, reflecting a strategic accumulation of ETH. The whale’s significant activity aligns with a broader market sentiment that has turned optimistic for Ethereum, especially with the potential approval of a spot Ethereum ETF by the Securities and Exchange Commission (SEC) despite asking issuers to revise recently submitted S-1 forms.
Anticipation of Ethereum ETF Approval
The possible approval of a spot Ethereum ETF is expected to drive considerable institutional interest in Ethereum. Historical trends from Bitcoin ETFs suggest a strong demand for cryptocurrencies among institutional investors.
However, as the market sentiment leans optimistically toward Ethereum, industry experts project that inflows into Ether spot ETFs could be substantially lower than those seen with US spot Bitcoin ETFs.
It is estimated that Ether ETF inflows might be around 33% the size of Bitcoin ETF inflows, with a possible range from 20% to 50%. This forecast aligns with the capitalization multiple between Ethereum and Bitcoin, suggesting that while the interest in Ethereum is robust, it may not reach the unprecedented levels observed with Bitcoin.
Pepe & Ethereum Price Trend
Pepe has been bearish in the last 24 hours, with the price swaying between an intra-day high and low of $0.000012 and $0.00001145, respectively. At press time, PEPE was trading at $0.00001161, a 2% decline from the resistance level.
Meanwhile, Ethereum’s (ETF) price has been recovering, with bulls fighting to recover prices above $3,500. In the last 24 hours, the ETH price has shifted between a support and resistance level of $3,363.44 and $3,401.73. At press time, bullish momentum had seized Ethereum market control, with ETH trading at $3,381.23.
Read Also: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds
- David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community
- Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury
- CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September
- BlackRock Now Holds 3.8% of Bitcoin Supply; Bloomberg Analyst Explains Why It’s ‘Extraordinary’
- KuCoin Secures ISO 27701 Certification, Boosting User Trust and Privacy
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data