Ethereum Whale Goes Bullish, Accumulates Over 16,000 ETH Ahead of ETF Launch

Ahead of the potential launch of Ethereum ETF, whales are bagging staggering amounts of ETH in expectation of a rally. In the last 24 hours, a large investor scooped more than 16,000 ETH from the Binance exchange, signaling bullish sentiment and confidence in the future price trajectory of the asset.

Interestingly, this comes amid a notable uptick that sent the price of ETH above the $3,100 mark after a long weekend downtrend. The recent accumulation by this whale has sent tongues wagging in the crypto community igniting a wave of optimism among investors. Let us take a look at this transfer in detail.

Large Investor Amass over $50 Million ETH

In a recent post on X (formerly Twitter), Spotonchain, an AI-based crypto insight platform, reported that it had spotted a large transaction moving a substantial amount of ETH in a single transfer. According to the data, the whale withdrew exactly 16,449 ETH from the largest crypto exchange by trade volume, Binance. Per the report, the whale initiated this transaction as the price of ETH jumped above $3,000. Notably, the total amount of this transfer amounted to $50.3 million.

Moreover, the entity has since moved all the ETH to be held in a new wallet. Spotonchain highlighted that this is the first time the whale will accumulate ETH in volume. A closer look at the whales’ transaction history shows that the last time it carried out a huge transaction was over a year ago when it sent about 199.9k Lido (DAO), worth $311,988 at the time, from a wallet to the digital asset trading platform Copper. As the potential launch of ETH ETF gets closer, investors are hoping for a Bitcoin-mirrored pattern in the days that led to its spot ETF approval.

Ethereum (ETH) Price Movements

Meanwhile, the global crypto market has recorded healthy gains in the last 24 hours and Ethereum is not left out. According to CoinMarketCap data, ETH has added 0.95% to its value over the previous 24 hours. At the time of writing, ETH is trading at $3,101. However, its one-day trading volume tells a different story as it has declined by 29.81% to $14.7 billion with a live market cap of $372.8 billion.

In hindsight, Ethereum has declined by 7.52% in the last seven days, trading between the range of $2,847 and $3,349 within this time. Also, ETH has dropped by a significant 15.53% over the last 30 days. Ultimately, all ETF issuers have started submitting their S-1 amendments, and analysts predict that the approval is likely to happen around July 18. It will be interesting to see how the price of ETH adjusts ahead of that time.