Giant Whale Made Its Biggest Purchase from Binance in Expectation of Ethereum ETF!
A corporate whale bought $50.3 million worth of Ethereum from Binance, making its largest transaction ever.
On-chain data and analytics account Spot On Chain attracted attention with an information it shared on Twitter on July 10. A corporate whale made a $50.3 million transaction by withdrawing 16,449 Ethereum (ETH) from Binance 7 hours ago.
This transaction took place around the same time that the Ethereum price rose above $3,000. Whale made the first major ETH purchase of this size ever, moving all ETH to a new wallet and keeping it there.
According to the information shared by Spot On Chain, the spot Ethereum ETF is expected to become operational next week. This development increases bullish expectations in the markets. The recovery in Ethereum price and the realization of large purchases reflect investors' interest and confidence in Ethereum.
The rise in ETH price has also strengthened investors' expectations for future price increases.
According to CoinGecko data, Ethereum price is trading at $ 3,093 at the time of writing.