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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-price-surge-after-sec-developments/" data-wpel-link="internal">Ethereum Faces Price Surge After SEC Developments</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/anticipation-grows-for-secs-decision-on-bitcoin-etf-as-ethereum-eyes-potential-impact/" data-wpel-link="internal">Ethereum</a> (ETH), following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">recent developments</a> with the Securities and Exchange Commission (SEC), continues to challenge the $4,000 level. Rumors are increasing that Ethereum could mimic Bitcoin’s (BTC) price movement, which saw a noticeable price rise after the approval of Bitcoin ETFs. The removal of the barrier to the launch of Ethereum ETFs is also believed to have triggered significant whale activities, supporting Ethereum’s rise.</p> 
<h2 style="text-align: justify" id="whale-purchases-ethereum-eth">Whale Purchases Ethereum (ETH)</h2> 
<p style="text-align: justify">On June 3, the well-known analysis platform SpotOnChain made an important post on X. The post shared that while the whale found buyers at the $3,814 level, approximately $26.7 million worth of ETH was transferred to Binance.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-359306" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-lookonchain-coin-turk-com.png" alt="" width="494" height="587"></p> 
<p style="text-align: justify">The Ethereum whale, known for transferring ETH to wallets during past bear markets and sending them to exchanges based on price increases, continues to hold 36,785 ETH worth $141 million. The whale, noted for its trading activities, achieved a growth rate of 57.9% on its assets and earned $76.6 million in profit.</p> 
<h2 style="text-align: justify" id="ethereum-withdraws-from-exchanges">Ethereum Withdraws from Exchanges</h2> 
<p style="text-align: justify">Following the approval of spot Ethereum ETFs in the United States on May 23, $3 billion worth of Ethereum was withdrawn from centralized crypto exchanges, indicating a potential supply squeeze.</p> 
<p style="text-align: justify">According to data provided by CryptoQuant, Ethereum reserves on exchanges decreased by 797,000 units between May 23 and June 2, dropping to $3.02 billion.</p> 
<p style="text-align: justify">This decline in exchange reserves shows that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are holding onto their investments and moving them to wallets rather than making quick sales.</p> 
<h2 style="text-align: justify" id="increase-in-ethereum-holdings">Increase in Ethereum Holdings</h2> 
<p style="text-align: justify">An increase in the activities of Ethereum whales has been observed this year. Data provided by IntoTheBlock revealed a significant rise in large ETH investments, with the number of wallets holding more than 1% of the existing ETH supply increasing from 36% to 41%.</p> 
<p style="text-align: justify">Santiment data from June 4 indicated a similar trend. It noted that since May 20, coinciding with news of a change in the SEC’s approach to spot Ethereum ETFs, whales holding between 10 million and 100 million ETH have made significant accumulations.</p> 
<p style="text-align: justify">This accumulation continued after the approval of spot ETH ETFs on May 23. Meanwhile, whales holding between 1 million and 10 million ETH appeared to be profiting, while exchange reserves experienced a significant decline.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-359305 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-2-coin-turk-com.png" alt="" width="783" height="284"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-faces-price-surge-after-sec-developments/" data-wpel-link="internal">Ethereum Faces Price Surge After SEC Developments</a></h5>

Ethereum Faces Price Surge After SEC Developments

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