According to U.Today, major cryptocurrency investors, known as whales, have begun accumulating Ethereum (ETH) in significant quantities. This trend has emerged over the past week as the price of ETH rebounded following a recent crypto market crash. The bullish sentiment indicates a sustained recovery for the leading altcoin.
Recent data from IntoTheBlock reveals that Ethereum has experienced substantial exchange outflows, with approximately $126 million worth of ETH withdrawn from crypto exchanges this week. This suggests that Ethereum whales have been purchasing large amounts of the cryptocurrency during this period. This strong accumulation trend coincides with the anticipated launch of a spot Ethereum ETF in the coming days.
On July 17, the United States Securities and Exchange Commission (SEC) approved proposed rule changes to list two spot ETFs. Applications from ProShares Ethereum ETF and Grayscale Ethereum Mini Trust were approved by the SEC, allowing these spot Ethereum ETFs to be listed and traded on the NYSE Arca Inc. However, official trading will begin following the approval of the S-1 filings.
Despite the excitement surrounding the ETF approval and the strong accumulation trend, the price of Ethereum has dipped by 1.48% today, currently trading at $3,408.57. Nevertheless, the price remains up by 10.9% over the last seven days, indicating that ETH is still in a bullish zone despite today's slight decrease in value. The broader outlook for ETH remains optimistic, with the spot Ethereum ETFs expected to attract significant institutional investment into the ETH market, potentially boosting its price over the long term. The recent accumulation trend by whales further suggests that they anticipate continued bullish momentum for the cryptocurrency. Overall, the market is expecting notable gains for ETH in the foreseeable future.
