Several Ethereum wallets have been awakened as the market awaits approval of spot Ethereum ETF trading. Whales from the ICO era are moving large amounts of their ETH holdings to new wallets and exchanges, and the crypto community is closely observing these developments.
Dormant Ethereum Wallets Move Large Amounts
Ethereum whales have also been seen moving large amounts of ETH to exchanges recently. According to Spot On Chain, two whales sold 3,631 ETH on Kraken. Cumulatively, these transactions are worth about $12.5 million.
One wallet, labeled as 0xdb3, sent 2,631 ETH which is equivalent to $9.01 million. Another wallet, 0xbf5, transferred out 1,000 ETH which is equivalent to $3.46 million. All these transactions were done within two days.
Source: X
The 0xdb3 wallet has been active since June 8 and has sent 17,886 ETH to various centralized exchanges, which is equal to $65 million. The Ethereum in 0xbf5 was from an ICO participant.
Ethereum ETF Decision Expected July 23
The overall crypto market is still waiting for the SEC’s approval of spot Ethereum ETF trading. At first, the approval was to be given on July 15, but this did not happen. The new anticipated date is July 23rd.
The current price of Ethereum is $3,494.30, which has gained 2.31% in the last 24 hours. Experts believe ETH may continue to rise to $4,500. According to some market analysts, Ethereum is likely to surpass Bitcoin in the future.
The recent whale transfers may suggest fear of volatility and bearishness. However, ETH is indicating positive sentiment. The approval of the spot Ethereum ETF could lead to further appreciation in the price of Ethereum.
Ethereum Whales’ Transfers Impact Market Trends
The 0xdb3 wallet has been funded with Ethereum by both the Ethereum Foundation and ICO participant 0xAb0. In the process, it has transferred large amounts of ETH to centralized exchanges. The latest transfer of 2,631 ETH is part of this ongoing activity.
The ETH in the 0xbf5 wallet was received by ICO participant 0x510 during the Genesis event in 2015. This wallet still has 49,000 ETH in it, which is worth around $171.2 million. The latest transfer of 1,000 ETH is just a small portion of what the company holds.
This is significant given that large amounts of ETH are being transferred. It embodies the strategic behavior of early investors. These decisions can affect market trends and investors’ attitudes.
Crypto Community Anticipates Ethereum ETF Verdict
The market is bullish on the possibility of the spot Ethereum ETF getting approved. This approval could have a great effect on the prices of ETH and the market’s movement. The crypto community is still expecting the new date as it approaches, and everyone is still cautious.
Pundits expect that ETH may record high returns should the ETF be approved. ETH having the chance of rising to $4,500 is a good sign. However, there are also possibilities of a price stall or sell the news event.
It is important, especially the decision the SEC will make on the spot regarding the Ethereum ETF. It could well pave the way for other crypto ETFs to get the green light in the future.
