Ethereum

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
In a move that has intrigued the cryptocurrency community, a staggering 7,000 <a href="https://u.today/ethereum-eth-smashes-major-milestone-of-1-million-validators">Ethereum (ETH)</a> has been transferred to <a href="https://u.today/robinhoods-14-unexpected-shift-from-ethereum-to-bitcoin-rattles-markets">Robinhood</a>, the popular stock brokerage app, just as Ethereum's value soared past the $3,000 mark.
Ethereum, the second-largest cryptocurrency by market capitalization, has steadily risen since recovering from a low of $2,862 on May 15. The rise continued, with Ethereum's price surpassing the psychological barrier of $3,000.
At the time of writing, ETH was up 3.14% in the last 24 hours to $3,131, having previously reached intraday highs of $3,148.
Crypto data tracker <a href="https://x.com/whale_alert/status/1791574306062840092">Whale Alert</a> reports that 7,000 ETH worth $21,630,557 was transferred from an unknown wallet to Robinhood. This substantial transfer has led to speculations about the motivations and potential impact on the market.
<blockquote>
 🚨 7,000 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> (21,630,557 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw">#Robinhood</a><a href="https://t.co/FSL5ryWunY">https://t.co/FSL5ryWunY</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1791574306062840092?ref_src=twsrc%5Etfw">May 17, 2024</a>
</blockquote> 
The transfer could be a precursor to a larger market play, with investors positioning themselves as the Ethereum ETF decision approaches.
Another theory is that a whale or large holder might be leveraging Robinhood’s platform for trading or custodial purposes, given that one of the reasons tokens are moved to exchanges is to sell them. A plausible explanation could be that the transfer is meant to bolster liquidity on Robinhood’s platform. Despite all of this, the exact reason for the move remains unknown.
<h2 id="ethereum-etf-decision-looms">Ethereum ETF decision looms</h2>
Following months of silence, the U.S. SEC is expected to decide on at least one application for an ETF that invests directly in <a href="https://u.today/whats-going-on-with-ethereum-eth-10x-researcher-shares-intriguing-takes">Ethereum</a> by next week. After delayed judgments on fund applications for several months, the SEC has a May 23 deadline to approve or deny VanEck's application.
According to <a href="https://www.bloomberg.com/news/articles/2024-05-17/fund-managers-brace-for-sec-rejection-of-ether-etf-applications?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social&amp;utm_content=crypto">Bloomberg</a>, who cited anonymous sources familiar with the matter, some fund companies fear a rejection because their private conversations with the SEC have not been as robust as they were before the approval of spot-Bitcoin ETFs in January.
A denial may eventually lead to a lawsuit. Grayscale Investments' August court victory in its fight against the SEC set the stage for the January approval of spot Bitcoin funds.

Mysterious 7,000 ETH Move to Robinhood as Ethereum Tops $3,000

Table of Contents

U_Today

Other articles published on May 18, 2024

Ubisoft Reveals System Requirements for XDefiant

Don't Miss Out: Last Chance to Buy These Altcoins Before They Rebound

Ethereum Approaches the $3,200 Resistance Level

Solana trader nets $780K in 15 minutes, rising altcoin wins over Ripple whales

Bitcoin Investors Are Buying These 4 Altcoins

These Are The 28 Altcoins Binance Has Invested In But Hasn’t Listed Yet

Join our free newsletter for daily crypto updates!