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

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