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The U.S. Securities and Exchange Commission (SEC) has given the green light to the country’s first spot Bitcoin ETF, leading investors to shift their focus to Ethereum (ETH), the world’s largest altcoin. On-chain data indicates that crypto whales are heavily accumulating ETH.
Whales Gathering ETH
On-chain data provider Spot On Chain reported that in the last 7 days, 6 crypto whales have accumulated 58,480 ETH worth $134 million. This suggests that just as the approval of the spot Bitcoin ETF preceded a more than 100% rise in Bitcoin’s price, the market may be starting to price in a potential spot Ethereum ETF for the altcoin king.
Spot On Chain has tracked several significant ETH transactions. One of the first was a wallet address starting with 0x931… that purchased 21,192 ETH at approximately $2,265 each, totaling around $48 million about 4 days ago. The crypto whale’s unrealized profit on ETH is currently at $6.85 million. Another notable transaction involves famous crypto whale and TRON founder Justin Sun, who withdrew 11,267 ETH worth $25.31 million from Binance at a price of $2,247 each about 6 days ago.
According to the data, a wallet address starting with 0xb82… withdrew 12,219 ETH worth $28.9 million from Binance yesterday at approximately $2,367 each and is currently sitting on an unrealized profit of $2.71 million. Additionally, data shows that three new crypto whales withdrew 13,800 ETH worth $31.3 million from Binance at around $2,265 each.
Current Ethereum Status
According to CoinMarketCap’s data, ETH has risen by 8.90% in the last 24 hours, trading at $2,599. The largest altcoin‘s trading volume has increased by 79.79% in the last 24 hours, reaching a level of $34.49 billion.
With a growth of nearly 10% in the last 24 hours, the altcoin king’s gain over the last 7 days is 16.11%, and over the last 30 days, it is 15.96%. Moreover, ETH’s current market capitalization stands at $312.38 billion.
