Crypto whale wallet – 0x742, was able to liquidate a significant ETH position worth approximately $21.43 million. This investor deposited 7,240 ETH into the Kraken exchange at a price of $2,960 per ETH.
This move is intriguing, especially with the upcoming launch of Ethereum ETFs.
ETH tries to recover in price
According to Spot On Chain, in December 2022, 0x742 withdrew 8,240 ETH from Kraken at a much lower price of $1,189. This holding strategy has returned a profit of about $12.83 million, marking a 149% gain over 18 months.
In addition to the 7,240 ETH deposit to Kraken, the whale transferred an additional 1,000 ETH to an unknown wallet.
The divestment move coincides with heightened optimism regarding the pending approval and trading of Ethereum ETFs in the United States. Analysts such as James Seyffart and Eric Balchunas from Bloomberg Intelligence think that these ETFs could start trading as soon as next week.
Additionally, Nate Geraci, president of the ETF Store, suggested that the ETF could begin trading within the next two weeks, with a target date of around July 15. The prediction came when Bitwise updated its S-1 filing last week.
Geraci explains the reason for the July 15 prediction:
“Most issuers (I believe all except Bitwise) still have to submit the amendment on Monday. The final S-1 will be submitted after that, which needs to happen before Wednesday because I think that publishers don't want to launch on Friday. I think this is unlikely, so I moved the timeline to July 15."
Notably, whales like 0x742 decided to exit their positions in response to these developments. Investors often deposit assets into centralized exchanges when they plan to sell and withdraw them to their own wallets for long-term holding.
Therefore, the latest move may indicate skepticism about Ethereum's short-term market outlook despite the positive outlook for ETFs. It could also suggest that whales panic sold after ETH hit a low of $2,800 last week.
ETH's price action has been volatile recently, with a notable drop of around 23% from its peak following news of the preliminary ETF approval. However, it has shown signs of recovery, forming a double bottom pattern, indicating the potential for upward movement.
ETH 4-hour price chart | Source: TradingView
If ETH can clear the resistance at $3,080, a rise to $3,350 is possible. Conversely, failure to break this resistance will result in price consolidation within the range between $2,876 and $3,080.
https://tapchibitcoin.io/ca-voi-21-trieu-do-la-eth-etf.html
