The Ethereum whale was found to have transferred 16,449 Ether from Binance, worth approximately $50.3 million. This move occurred as the price of Ether surged above $3,000.
According to data provider Spot On Chain, this is the first time an ETH transfer of this size has been recorded, moving the whale tokens to a different wallet.
While spot Ether ETFs were expected to be listed in the USA, this move had a wide impact in the market. Spot On Chain is investigating whether this large transfer is a possible bullish signal for Ether.
With the release of Ether funds into the market, institutional interest and investments in Ether are expected to increase.
The price of Ether rose 10.11% to $3,113 on July 9; The previous day, it fell to approximately $2,830. This rise comes as CoinShares announced in its weekly report that Ether-linked investment funds received $10.2 million in inflows for the week ending July 5.
Ether ETF applications are being updated
Asset management companies VanEck and 21Shares updated their S-1 filings to list Ethereum ETFs in their filings with the U.S. Securities and Exchange Commission (SEC) in July. Although the exact listing date of the ETFs is uncertain, it was stated that they will be launched as soon as possible after the registration takes effect.
Meanwhile, competition is increasing among ETF issuers ahead of the expected listing of spot Ether ETFs. Invesco and Galaxy have filed a filing stating that they have set a 0.25% management fee for the Invesco Galaxy Ethereum ETF.
The SEC approved spot Ether ETFs in May. However, in June, investors withdrew $61 million from Ether investment products between June 24-29, increasing the total fund outflow at the end of the month to $119 million and the total balance for June to $37 million.
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I EXPLAIN IN DETAIL.
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