ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval

As we bid adieu to a dull and boring Q2, the broader cryptocurrency market is showing a healthy bounce with the Ethereum (ETH) price surging by 5% shooting all the way past $3,500 levels. This development comes as whale activity spikes ahead of the spot Ethereum ETF scheduled to come next week on July 8.

Ethereum Whale Activity Spikes, ETH price Jumps

On-chain data provider Spot on Chain has reported that a significant whale, reportedly Abraxas Capital, has withdrawn a massive 60K ETH, valued at $203 million, from crypto exchange Bitfinex, at a price of $3,387 in the past 24 hours. The ETH price has already rallied 4% since then giving the whale an unrealized profit of nearly $6.5 million.

A massive whale (probably Abraxas Capital) has withdrawn 60K $ETH ($203M) from #Bitfinex at ~$3,387 in the past 17 hours.

The whale then lent $ETH to #Spark to borrow $119M in stablecoins and deposited it to #Binance.

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The $ETH price is up by 3% (17H), suggesting a $6.27M… pic.twitter.com/6oomnzlrSq

— Spot On Chain (@spotonchain) July 1, 2024

As of press time, the Ethereum price is trading 4.19% up at $3,499 with a market cap of $420.7 billion. The daily trading volume for Ethereum has also shot up by 50% to $9.8 billion. For this ETH price rally to sustain, it must give a daily closing above $3,500 so that the bulls can eye the next target levels of $4,000 and above.

Amid the strong excitement around spot Ethereum ETF, whales have been swapping other altcoins for ETH recently. Last week, a PEPE whale converted $18 million of their PEPE coins to Ethereum expecting a major rally going ahead.

Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds

Ethereum ETF Excitement Continues

As reported by CoinGape, the launch of spot Ethereum ETF faces some delay from the previous timeline of July 4. Last Friday, the U.S. Securities and Exchange Commission (SEC) sent back the S-1 forms to issuers asking them to resubmit them by the 8th of July.

ETF Store President Nate Geraci has stated that the S-1 revisions are relatively minor while suggesting that the regulators can approve issuers for trading within the next 14-21 days. While the timeline of the launch still remains uncertain, the SEC has hinted at the possibility by the summer end. This could probably keep the ETH price moving forward amid the investor excitement.

Nate Geraci has also made the prediction that the spot Ethereum ETF will be the second-most successful debut in the ETF history, only after spot Bitcoin ETFs.

Early (& easy IMO) prediction…

Spot eth ETFs will be 2nd most successful debut in ETF history, only behind spot btc ETFs.

So two most successful ETF launches in 30+yr ETF history will occur this yr.

Bitcoin & ether.

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Paying attention yet?

— Nate Geraci (@NateGeraci) June 30, 2024

Also Read: What to Expect from Ethereum Price In July

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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