Whale Withdraws 16,449 ETH Ahead of Ethereum ETF Approval

The Ethereum (ETH) price has seen a major rebound to the $3,100 level as we approach closer to the much-awaited approval of the spot Ethereum ETF. Additionally, the Ethereum whales seem to extend further support for the ETH price to continue moving ahead.

Ethereum Whale Scoops $50 Million Worth of ETH

As per on-chain data provider Spot On Chain, an Ethereum whale recently withdrew a massive 16,449 ETH, valued at $50.3 million from crypto exchange Binance, as the ETH price rallied past $3,000.

The data provider notes that this is the first significant accumulation by a new whale address. Furthermore, the whale has transferred all the withdrawn ETH to a new wallet and remains there. The timing of this large-scale withdrawal coincides with anticipation of the ETH ETF likely going live next week, suggesting a potentially bullish outlook for Ethereum.

7 hours ago, a whale/institution withdrew 16,449 $ETH ($50.3M) from #Binance as the #Ethereum price rebounded to above $3,000.

This is the whale’s first large $ETH accumulation. So far, it has moved all $ETH to a new wallet and held them there.

Note that the ETH ETF is likely… pic.twitter.com/BBHOvWM3yx

— Spot On Chain (@spotonchain) July 10, 2024

On the other hand, the decentralized computing platform Golem Network has been liquidating its ETH holdings over the past week. As per on-chain data, Golem has deposited a total of 29,000 ETH worth nearly $90 million to crypto exchanges such as Binance, Bitfinex, and Coinbase, just over the past five days.

Also Read: Ethereum ICO Whale Dumps 7K ETH After $60 Million Selloff by Institutions

Will Ethereum ETF Be A Major Catalyst for ETH?

Katherine Dowling, the Chief Compliance Officer of Bitwise, affirmed that the approval of the spot Ethereum ETF in the US is indeed approaching closer. With all of the issuers submitting their S-1 amendments, analysts are expecting the approval sometime around next week by July 18.

Last week, the Ethereum investment products saw inflows surging to $10.2 million as institutional players seemed to stack up ETH ahead of the ETF approval. Several market commentators anticipate that these products will attract inflows as traders and investors reposition ahead of final approval. A similar trend was observed after the SEC approved the Ethereum ETFs’ 19b-4 filings, with the ETH price rising by 22% and strong institutional inflows driving bullish momentum.

Also Read: How Will Amended Ethereum ETF S-1 Shape Institutional Funds?