Ethereum Whale Moved on Binance: Could Lose $3.6 Million

An Ethereum (ETH) whale has taken action after the US Securities and Exchange Commission (SEC) decision.

According to the information provided by the blockchain analysis platform Lookonchain, a whale deposited 8 thousand 762 Ethereum ($30.4 million) into the Binance exchange after the SEC's decision.

The SEC has given final approval to issuers applying to establish spot Ethereum ETFs in the US. Whether the SEC would approve them was unknown until a few weeks ago. However, the SEC unexpectedly gave initial approval in May.

Investors will be able to invest in Ethereum more easily through ETFs. According to some analysts, this could push the Ethereum price up to $6,500.

ETF era has begun for cryptocurrencies

“We have now fully entered the ETF era of crypto,” said Matt Hougan, chief investment officer at Bitwise. “Investors can access more than 70 percent of the liquid crypto asset market through low-cost exchange-traded vehicles,” Hougan added.

The Ethereum (ETH) price spiked after the SEC's decision, briefly rising above $3,500. However, it later lost this level.

According to Lookonchain data, this whale received 8 thousand 762 ETH from Binance between May 27-29. If it were to sell at current prices, it could incur a loss of approximately $3.6 million.