Big whales have taken action, and the ETF is about to pass, which means that the overall cryptocurrency market has seen a healthy rebound as the boring second quarter ends. Ethereum (ETH) prices have risen by 5% to over $3,500. This growth comes as the spot Ethereum ETF is about to launch on July 8 next week, and whale activity has increased sharply.
According to on-chain data, in the past 24 hours, a major whale (allegedly Abraxas Capital) withdrew 60,000 ETH worth $203 million from the exchange Bitfinex, at the time The price was $3,387 per ETH. Following this move, the price of ETH rose by 4%, bringing the whale nearly $6.5 million in unrealized profits.
As of just now, the price of Ethereum has risen by 4.19% to $3,499, with a market value of $420.7 billion. Ethereum's daily trading volume has also increased by 50% to $9.8 billion. In order to maintain the upward momentum of ETH prices, its daily closing price needs to remain above $3,500 so that bulls can set their next target above $4,000.
Whales have been swapping ETH for other altcoins recently, under the strong influence of the upcoming spot Ethereum ETF. Last week, a PEPE coin whale exchanged $18 million worth of PEPE coins for Ethereum, expecting a sharp rise in the future.
According to reports, the launch of the spot Ethereum ETF is later than the originally scheduled July 4. Last Friday, the U.S. Securities and Exchange Commission (SEC) returned the S-1 form to the issuer, requiring them to resubmit it by July 8.
Nate Geraci, president of ETF Store, said that the revisions to the S-1 are relatively minor and suggested that regulators may approve the issuer for trading in the next 14 to 21 days. Although the launch timeline is uncertain, the U.S. Securities and Exchange Commission hinted that it may be launched in late summer. This may drive ETH prices further up amid investors' excitement.
First of all, we must recognize the situation and ourselves. The purpose of coming to this circle is to change our lives. Please build a complete plan for yourself. When to buy? When to sell? What target to buy and what is the strategy? How to do risk control?
