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PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds
The latest on-chain insights reveal that a crypto market whale has strategically switched funds from PEPE to ETH amid optimism building up around the launch of an Ethereum ETF. Following the submission of eight S-1 amendment filings, this swap of funds has emerged, portraying optimism for ETH’s future price movements. Meanwhile, it’s worth noting that Pepe coin has also recently emerged as the talk of the crypto town, surging to unprecedented levels.
So, let’s take a deeper dive into the whale’s strategic investments and what it could mean for future market performances.
Whale Diverts Funds To ETH
According to data revealed by EmberCN on June 28, the whale 0x837 has been recorded switching 1.4 trillion PEPE to 2,646 ETH.
The trader transferred 1.4 trillion PEPE, worth $18.01 million, to Binance. Subsequently, a withdrawal of $9.04 million worth of ETH took place from the same exchange.
It’s worth noting that these accumulations happened at an average price of $3,416. Also, market sentiments have tilted towards optimistic for Ethereum, primarily with the whale’s massive accumulation.
The whale activity also comes in light of recent optimism on the ETH ETF. As mentioned above, eight firms, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco, have submitted S-1 amendment filings.
Nate Geraci, ETFstore President, further took the stage to claim that the ETH ETF launch is imminent, expected to be in 2-3 weeks.
Meanwhile, ETH & PEPE prices experienced considerable gains today.
Also Read: AVAX Price Rally To Surpass Solana Price Surge: Santiment
ETH & PEPE Price Performance
While writing, PEPE’s price showed a 1.39% upswing to trade at $0.00001244. On the other hand, the ETH price chart showed a 0.86% upswing in value to $3,453.94.
Conversely, Coinglass data illustrates a 1.75% drop in Ethereum’s Futures OI to $15.19 billion. The derivatives volume tumbled 6.47% to $19.08 billion. This data flags reduced investor interest in the asset, birthing contrasting market sentiments on future movements.
Simultaneously, PEPE’s OI saw a 3.94% pump to $142.37 million, whereas volume dipped 6.94% to $977.38 million.
Also Read: Bitcoin Miner Capitulation Ended? On-Chain Data Signals Market Recovery
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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