Corporate Whales Catch the Falling Knife in Ethereum: They Have ATH in Their Target!

Institutional investors bought large amounts of Ethereum (ETH), believing in the $4,000 price target.

According to analysis platform Amberdata data, corporate whales flocked to September options priced at $4,000. Analysts said that behind this activity by institutional whales was the US plan to soon approve spot Ethereum ETFs.

Making a statement on the subject, Amberdata derivatives director Greg Magadini said that Ethereum may move towards a new ATH when it rises above 4 thousand dollars:

Looking at this week's block flows, we see a ton of buying activity for $4,000 calls for September. If Ethereum rises above $4,000, we will likely test and break all-time highs.

Bloomberg ETF analyst Eric Balchunas had said that he expects Ethereum ETFs to begin trading in the US on July 2. SEC Chairman Gary Gensler also made a statement that approval could come this summer.