During recent developments in the Ethereum (ETH) community, researchers at Lookonchain have discovered a notable surge in ETH collections. Interestingly, this increase coincided with a rise in ETH prices and discussions surrounding exchange-traded fund (ETF) paperwork. The latter holds significant importance within the cryptocurrency realm.
Lookonchain’s data uncovers fascinating movements by key players in the ETH community. Recently, a significant “whale” identified with the address “0x7838” withdrew a substantial 4,288 ETH from the popular exchange Binance, amounting to an astonishing $7.2 million. Rather than letting these tokens remain inactive, this whale decided to stake them, providing an additional boost to ETH’s momentum.
We have noticed whales accumulating $ETH and staking $ETH recently.
Whale"0x7838" withdrew 4,288 $ETH($7.2M) from #Binance and staked 4 days ago.https://t.co/t4kEEonDjg
Fresh wallet"0x4b7B" withdrew 9,530 $ETH($16M) from #Binance and staked.https://t.co/Fvh2w3skvI pic.twitter.com/cyp7abwoOk
— Lookonchain (@lookonchain) October 1, 2023
Another wallet, with the name “0x4b7B,” followed suit and made an impressive move. It withdrew a staggering 9,530 ETH, equivalent to a remarkable $16 million, from the same Binance platform. Without wasting any time, this wallet promptly staked its newfound wealth. These confident actions by these influential investors showcase their unwavering belief in the future potential of ETH.
Simultaneously, Ethereum’s market value experienced a notable 2.76% increase, pushing its price to $1,732, according to CoinMarketcap data. With this surge, ETH’s total valuation reached an impressive $206 billion.
Ethereum Breaks New Ground
Adding to Ethereum’s newfound momentum is the recent decision by the U.S. Securities and Exchange Commission (SEC) to approve Ethereum futures inclusion in ETFs. One of the first entities to seize this opportunity is Valkyrie Funds, which has integrated ETH futures into its existing Bitcoin futures ETF.
This pioneering move marks the first instance where ETH-based futures become accessible to investors through an ETF, potentially boosting market stability and investor confidence.
Valkyrie Funds is not alone in this venture. Several other prominent asset managers, including VanEck and ProShares, are also racing to launch their Ethereum futures ETFs. The competition among these firms underscores the growing recognition of Ethereum’s significance in the cryptocurrency market and the desire to offer investors diversified and accessible investment options.
As Ethereum’s accumulation surges and ETFs begin to embrace it, the cryptocurrency is poised for a dynamic and potentially transformative period, with whales and institutional players leading the way.
Related Reading | Crypto Exploits Surge In September 2023: CertiK
Ammar Raza
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