Whale Moves 16,447 ETH Ahead of Ethereum Spot ETF Launch

crypto whale Ethereum ETF Spot Crypto ETFs
Last updated:
Author
Author
Jimmy Aki
About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

An Ethereum Whale grabbed the attention of crypto market observers on Wednesday by transferring 16,449 ETH (valued at approximately $50.3 million) from their Binance wallet to another address, potentially signaling bullish sentiment as the market anticipates the launch of the Ethereum Spot ETF.

Timing of the Ethereum Whale’s Withdrawal And the Spot ETF Launch

As Ether’s price rebounded above $3,000, an Ethereum Whale withdrew 16,449 ETH, according to on-chain data provider Spot On Chain.

This on-chain data also revealed this was the whale’s first major Ether accumulation.

The timing of this large withdrawal is considered strategic by many, as spot Ethereum ETFs are expected to launch in the United States next week, leading to speculation about potential market movements and investor sentiment.

Many expect Ether to follow a similar trajectory as Bitcoin, which saw large market accumulations following the launch of its spot ETFs.

This is based on the expectation that institutional investors will increase their appetite for ETH investment, potentially driving up its price.

Ether’s price increased by 10.11% on July 9, reaching a high of $3,113 after a low of approximately $2,830 the previous day.

 Ethereum Spot ETF
Ethereum 10% Daily Candle on July 9. Source: TradingView

This rally coincided with a CoinShares report stating that Ethereum-linked investment funds received $10.2 million last week.

Many speculators argue that the aggressive acquisition of ETH is in anticipation of the launch of the Ethereum Spot ETF.

This trend echoes similar market behavior following the SEC’s approval of spot Ethereum ETFs 19-b4 filings on May 23.

Contrasting Whale Movement Around Ethereum Amid ETF Anticipation

While some whales are accumulating ETH, Golem Network, an early Ethereum initial coin offering (ICO) project, adopted a different approach, transferring over $100 million worth of Ether to various cryptocurrency exchanges over the past month. This action has the potential to introduce major selling pressure.

Golem’s primary wallet has systematically moved ETH to secondary wallets, which then distribute the funds to exchanges like Binance, Bitfinex, and Coinbase.

These transactions, typically valued at around $72 million, have occurred daily for the last five days.

Golem, which raised funds during the ICO boom of 2016-2019, is attracting attention with this move.

ICOs, once a popular fundraising method for cryptocurrency projects, have faced challenges due to regulatory scrutiny and waning investor interest.

Despite these mixed signals from different market entities, the crypto community’s attention remains focused mainly on the imminent launch of Ethereum spot ETFs.

Katherine Dowling, Bitwise’s Chief Compliance Officer, has suggested that the approval process may be nearing its conclusion, with ETF issuers having submitted their S-1 amendments.

More Articles

Price Analysis
$TRUMP Pumping Over 20% This Week: Presidential Memecoin Back for Good?
Arslan Butt
Arslan Butt
2025-02-15 15:26:50
Price Analysis
Study Predicts Bitcoin Surge to $1M by Early 2027: Is That Possible?
Arslan Butt
Arslan Butt
2025-02-15 14:45:43
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors