Ethereum

Boost

bullish

Status

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-whales-boost-holdings" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Whales Boost Holdings</a><br></p>
<p style="text-align: justify">Ethereum (ETH) remains volatile as a recent dip follows a brief recovery, causing uncertainty in the market. However, revealing data from Lookonchain suggests a bullish outlook with significant purchases by Ethereum whales. This activity points to a potential rise in ETH prices as major market players increase their holdings.</p>
<h2 id="ethereum-whale-and-profits">Ethereum Whale and Profits</h2>
<p style="text-align: justify">Lookonchain has identified a prominent Ethereum whale who has amassed substantial profits. This whale has consistently achieved a 100% profit margin in their ETH transactions, totaling over $38 million since 2022. The whale’s recent activities include purchasing 17,012 ETH since May 29, at an average cost of $61 million. Their latest acquisition of 4,000 ETH, worth $12.58 million, occurred just hours before Lookonchain’s disclosure.</p>
<h2 id="current-status-of-ethereum-etfs">Current Status of Ethereum ETFs</h2>
<p style="text-align: justify">In May 2024, the United States Securities and Exchange Commission (SEC) approved nine Ethereum spot ETFs, which began trading in July. This approval has captured the interest of institutional <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>, with support from major financial entities like BlackRock. Despite a $456.0 million outflow primarily due to Grayscale’s sales, the remaining eight ETFs accumulated around $1.6 billion, underscoring Ethereum’s appeal. BlackRock’s iShares Ethereum fund alone saw an inflow of $712.80 million, the highest among all.</p>
<h2 id="current-ethereum-price">Current Ethereum Price</h2>
<p style="text-align: justify">Ethereum’s current price reflects mixed sentiments. Despite a 2.74% drop in the last 24 hours, bringing its price to $3,041, it briefly dipped below $3,000. The market cap has also decreased to $365.5 billion. However, trading volume surged by 8.48% to $21.2 billion. The simultaneous whale purchases and increased trading volume suggest a possible upcoming price surge.</p>
<h2 id="why-are-whales-buying-ethereum">Why Are Whales Buying Ethereum?</h2>
<p style="text-align: justify">– Institutional interest in Ethereum continues to grow, particularly with the introduction of ETFs.<br> – Significant whale activity indicates confidence in ETH’s long-term potential.<br> – The increase in trading volume alongside whale purchases could signal anticipation of price increases.<br> – Ethereum’s infrastructure developments and DeFi <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">applications</a> make it a strong investment.</p>
<p style="text-align: justify">The cryptocurrency market remains unpredictable, yet the substantial acquisitions by Ethereum whales and the rising trading volume hint at a potential upward trend for ETH. Investors should keep an eye on these movements as they may signal significant price changes.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-whales-boost-holdings" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Whales Boost Holdings</a></h5>

Ethereum Whales Boost Holdings

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