Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Ethereum Whales Increase Holdings as ETF Anticipation Boosts Market Confidence

Ethereum Whales Increase Holdings as ETF Anticipation Boosts Market Confidence

Cryptodnes2024/07/19 21:25
By:Cryptodnes

Recent data indicates that large-scale investors, commonly known as whales, are significantly increasing their holdings of Ethereum (ETH).

This shift has become evident over the past week as Ethereum’s price recovered following a market downturn.

According to IntoTheBlock , substantial outflows have been observed, with approximately $126 million worth of ETH withdrawn from exchanges recently.

This substantial accumulation by whales comes in anticipation of the upcoming launch of spot Ethereum ETFs. On July 17, the SEC approved changes necessary for listing two such ETFs, from ProShares and Grayscale, on NYSE Arca Inc., though trading will start after S-1 filings are finalized.

READ MORE:
XRP Whales Make Big Moves Amid Price Volatility

Despite a slight 1.48% dip in Ethereum’s price today, currently at $3,440, it remains up 11% over the past week.

This decline has not diminished the overall positive outlook for ETH, which is poised for long-term growth with the expected influx of institutional investments from the new ETFs. The growing whale interest reflects optimism for further price increases in the near future.

SHARE: SHARES
1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Market Structure Legislation Will Boost Bitcoin: Satoshi Act Co-Founder Dennis

With market structure legislation picking up steam, states and global players are discreetly preparing for a future that incorporates Bitcoin, identifying a major shift in policy and investment trends.

CryptoNews2025/04/16 00:22
Market Structure Legislation Will Boost Bitcoin: Satoshi Act Co-Founder Dennis

SOL Strategies and Pudgy Penguins Launch PENGU Validator on Solana Network

SOL Strategies and Pudgy Penguins team up to launch a dedicated Solana validator, blending NFT culture with institutional-grade staking infrastructure.

CryptoNews2025/04/16 00:22
SOL Strategies and Pudgy Penguins Launch PENGU Validator on Solana Network