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Lookonchain, the on-chain tracking platform, reported a notable increase in Ethereum (ETH) accumulation. This increase coincided with the price surge and the hype caused by futures-based exchange-traded funds (ETFs).
ETH Price Surges as Accumulation Increases
According to the data provided by Lookonchain, a new whale level wallet address starting with 0x7838 recently withdrew 4,288 ETH worth $7.2 million from Binance, the world’s largest cryptocurrency exchange, and staked all the withdrawn ETH. Another new whale level wallet address starting with 0x4b7B also contributed to the rise of Ethereum by withdrawing 9,530 ETH worth $16 million from Binance and staking them.
During the period when many crypto whales withdrew a significant amount of ETH from Binance to stake, the price of the largest altcoin is trading at $1,735, representing a 3.46% increase. According to CoinMarketCap data, the market value of ETH is currently at $208.69 billion.
Ethereum Surrounded by Futures-Based ETF Hype
The decision of the U.S. Securities and Exchange Commission (SEC) to greenlight Ethereum futures-based exchange-traded funds (ETFs) has led to a strong acceleration in the price of ETH.
Asset management company Valkyrie Funds integrated Ethereum futures into its existing Bitcoin futures ETF, taking advantage of the emerging ETF opportunity. This development marks the first example of Ethereum-based futures being accessible to investors through an ETF, potentially paving the way for enhanced market stability and investor confidence.
Other leading asset management companies, including VanEck and ProShares, are also preparing to launch Ethereum futures ETFs today. A total of 9 Ethereum futures ETFs are expected to start trading today.
