On-chain data shows that crypto whales and institutions are accumulating Ethereum ecosystem tokens. ETH tanked to $2,830 amid the market downturn this week. However, the second-largest coin has stabilized above $3,000 as the weekend kicks in.
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At the time of writing, Ethereum (ETH) is worth $3,152.17, down 0.2% from an hour ago but up 0.6% from the last 24 hours. The value of ETH today is 3.4% higher than what it was 7 days ago.
Big investors, often known as “whales,” and institutions are acquiring tokens in the Ethereum ecosystem. According to Lookonchain, the account aavebank.eth withdrew considerable funds from Binance a few hours ago.
The withdrawals totalled 21,027 AAVE tokens worth $1.98 million, 205,493 UNI tokens worth $1.62 million, and 446 ETH tokens worth $1.37 million. They also included 102,313 LINK tokens worth $1.28 million and 20,797 ENS tokens worth $534,000.
Arca’s sub-wallet (icrypto.ai/wallet/0x345ff), with a balance of $14.5M, withdrew $8.12M from Binance in the last 10 hours. The removed assets are 507,996 $PENDLE worth $1.83 million, 1,081,122 $LDO worth $1.72 million, and 8,698 $BNB worth $4.56 million.
Notably, this wallet had previously acquired 8,599 $BNB ($5.32 million) and deposited it all three days before the all-time high on June 6.
These huge swings indicate that large investors are positioning themselves ahead of the expected increase in institutional interest following the ETH ETF’s launch. The amassing of multiple Ethereum ecosystem tokens demonstrates faith in Ethereum’s growth and promise in the next months.
Ethereum system-based tokens ERC-20 is a tech standard for fungible tokens issued on the Ethereum blockchain. A fungible token can be exchanged for another token, whereas the well-known ERC-721 non-fungible tokens (NFTs) cannot.
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ERC-20 enables developers to create tokens with smart contracts that can be used in alongside other products and services. These tokens symbolize an asset, right, ownership, access, Bitcoin, or anything else that is not unique but transferable.