Ethereum (ETH) price experienced a significant recovery towards the $3,100 level as it approaches the anticipated approval of the spot Ethereum ETF in the US. Additionally, Ethereum whales are observed providing further support for the ETH price to continue rising.
Ethereum Whale Collected ETH Worth $50 Million
According to on-chain data provider Spot On Chain, an Ethereum whale recently withdrew 16,449 ETH worth $50.3 million from Binance as the ETH price surpassed $3,000. This was the first significant accumulation by a new whale address, the data provider noted. The whale continues to transfer all the ETH it withdraws to a new wallet and keep it there. The timing of this large withdrawal coincides with the expectation that the ETH ETF will likely go live next week and could herald a positive outlook for Ethereum.
On the other hand, decentralized computing platform Golem Network liquidated its ETH holdings over the past week. According to on-chain data, Golem deposited a total of 29,000 ETH worth approximately $90 million to crypto exchanges such as Binance, Bitfinex, and Coinbase in the last five days.
Will Ethereum ETF Be a Major Catalyst for ETH?
Bitwise's Chief Compliance Officer Katherine Dowling confirmed that approval of a spot Ethereum ETF in the US is imminent. With all issuers filing S-1 amendments, analysts estimate approval could occur by July 18.
Last week, in Ethereum investment products, institutional players were observed accumulating ETH ahead of ETF approval. These inflows reached $10.2 million. Many market commentators predict that traders and investors will reposition and invest more in these products ahead of final approval. A similar trend was observed after the SEC approved the 19b-4 applications of Ethereum ETFs, with the ETH price rising by 22% and strong institutional entries increasing the upward momentum.
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