Cryptocurrency whales are making significant moves in the Ethereum (ETH) market, accumulating and staking substantial amounts of the blockchain’s premier cryptocurrency. Lookonchain, a prominent on-chain analytics platform, recently reported these noteworthy developments.
Two prominent whale-level wallet addresses, “0x7838” and “0x4b7B,” withdrew significant amounts of ETH, valued at $7.2 million and $16 million, respectively, choosing to stake all their acquired ETH. This coincides with ETH’s impressive recovery, gaining 11% in seven consecutive days after bouncing off a low of $1,563 on September 25.
Whale”0x7838″ withdrew 4,288 ETH($7.2M) from #Binance and staked – https://etherscan.io/address/0x7838
Fresh wallet”0x4b7B” withdrew 9,530 ETH($16M) from Binance and staked. – https://etherscan.io/address/0x4b7b
ETFs: Shaping the Landscape
Ethereum currently stands at $1,730, testing crucial resistance at $1,750. A successful breach could pave the way for a rally beyond $1,800, with continued whale accumulation fueling optimism. Speculation surrounding the approval of Ethereum Futures ETFs has amplified interest in ETH, following the green light from the SEC.
Asset management firms such as Valkyrie Funds have embraced Ethereum futures within their ETF offerings, marking a pivotal moment for Ethereum’s adoption. Further intensifying the excitement, industry leaders like VanEck and ProShares are poised to introduce Ethereum futures ETFs.
Ethereum’s surge in accumulation mirrors a broader revival in the cryptocurrency market. Bitcoin and other digital assets exhibit signs of resurgence, setting the stage for a thrilling final quarter in 2023.
The SEC’s groundbreaking decision to approve Ethereum futures-based exchange-traded funds (ETFs) has undoubtedly fueled this price surge. Prominent asset management companies, including VanEck and ProShares, are gearing up for Ethereum futures ETF launches. As whales amass, stake, and ETFs loom on the horizon, Ethereum’s outlook remains vibrant, promising an exciting journey in the crypto landscape.
