Ethereum $ETH #ETHETFS expectations

According to IntoTheBlock's research, 95% of current ETH positions are now profitable, with its price increasing by 30% over the past seven days. This level of profitability has not been observed since November 2021, when ETH prices soared to an all-time high.

There is minimal resistance to the volume of ETH purchased at prices higher than current levels. Specifically, 3.57 million ETH were bought in the price range of $3,800 to $4,800, compared to 53.54 million ETH purchased between $2,160 and $2,650.

ETH whales have also begun to make significant moves, following the increased odds of ETF approval. On Tuesday the 21st, ETH recorded an on-chain trading volume of $15.98 billion, marking the highest volume recorded since June 13, 2022.

Of the $15.98 billion in trading volume recorded, $14.33 billion came from transactions exceeding $100,000, typically conducted by whales. This represents 90% of the total traded volume for this day. This trend could be expected to accelerate now that the ETFs have indeed been approved.

The approval of the ETH ETFs marks a significant milestone in cryptocurrency acceptance, likely influencing increased activity among ETH whales as reflected by recent large-volume transactions. The shifting landscape, underscored by substantial on-chain trading volumes, suggests a growing institutional and investor confidence in Ethereum.