Ethereum

Rally

2024

James

In recent weeks, Ethereum has witnessed a noticeable uptick in its market price, reaching a one-month high and showcasing a growing demand for the asset. Amid this development, the on-chain analytics platform Lookonchain <a href="https://twitter.com/lookonchain/status/1757317844436660226?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">revealed</a> an Ethereum whale’s noteworthy strategy, marking a bold stance on Ethereum’s future trajectory. 
<h2 id="strategic-accumulation-amid-rising-prices">Strategic Accumulation Amid Rising Prices</h2> 
According to Loookonchain, an unknown whale has been actively increasing their Ethereum holdings, utilizing the Spark platform’s revolving loan feature. Spark platform is a decentralized finance (DeFi) product that enables users to borrow stablecoins like USDC or DAI against their cryptocurrency holdings. 
This investor has managed to <a href="https://www.newsbtc.com/news/crypto-drama-unfolds-ethereum-co-founders-22000-eth-transfer-sparks-price-speculation/">withdraw</a> 39,900 ETH worth roughly $99.5 million from major exchanges such as Binance, Bybit, OKEx, and Bitfinex, leveraging the flexibility of revolving loans to boost their position in Ethereum. 
Further insights from Lookonchain reveal that these withdrawals by the whale represent a <a href="https://www.newsbtc.com/news/ethereum/erc-404-euphoria-push-ethereum-gas-fees-to-8-month-high/" target="_blank" rel="noopener ">continuous strategy</a> rather than an isolated event. Since the start of the month, the whale has consistently been pulling out ETH, averaging a withdrawal price of $2,492, and has secured about 56.8 million DAI in loans from the Spark platform so far. 
<blockquote class="twitter-tweet"> 
 A whale is accumulating <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> and going long <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> by revolving loans on <a href="https://twitter.com/hashtag/Spark?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Spark</a>! 
 The whale has withdrawn 39.9K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a>($99.5M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Binance</a>, <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bybit</a>, <a href="https://twitter.com/hashtag/OKEx?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#OKEx</a> and <a href="https://twitter.com/hashtag/Bitfinex?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitfinex</a> since Feb 1 at an average price of $2,492, and borrowed 56.8M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$DAI</a> from <a href="https://twitter.com/hashtag/Spark?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Spark</a>.<a href="https://t.co/9EQSrwHnJD" target="_blank" rel="noopener nofollow">https://t.co/9EQSrwHnJD</a> <a href="https://t.co/6CydURt2pc" target="_blank" rel="noopener nofollow">pic.twitter.com/6CydURt2pc</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1757317844436660226?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 13, 2024</a>
</blockquote> 
While bold, this strategy highlights the optimism surrounding Ethereum’s potential growth, especially in anticipation of the upcoming altcoin bull run and the expanding interest in Ethereum-based investment products like the spot exchange-traded funds (ETFs). 
<h2 id="spotlight-on-ethereum-spot-etfs">Spotlight On Ethereum Spot ETFs</h2> 
While the United States Securities and Exchange Commission (SEC) is yet to disclose any latest update on the already filed applications of the spot Ethereum ETFs, asset manager <a href="https://www.newsbtc.com/news/ethereum/ethereum-etf-franklin-templeton-enters-the-fray-as-price-rallies/" target="_blank" rel="noopener ">Franklin Templeton has recently jumped on the spot ETH ETF queue</a>. 
A recent <a href="https://twitter.com/JSeyff/status/1757143748335530495?ref_src=twsrc%5Etfw" rel="nofollow">post</a> by James Seyffart, an experienced analyst at Bloomberg Intelligence, highlights that Franklin Templeton has joined the ranks as the eighth firm in the cryptocurrency sector to apply for product authorization. 
This follows submissions by other prominent asset managers for Ethereum ETFs, namely Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 
<blockquote class="twitter-tweet"> 
 Here’s the most recent table of other filers that I have <a href="https://t.co/xCRRMwK76r" target="_blank" rel="noopener nofollow">pic.twitter.com/xCRRMwK76r</a> 
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1757143748335530495?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 12, 2024</a>
</blockquote> 
These developments come when Ethereum has <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rallies-2700/" target="_blank" rel="noopener ">sustained a positive momentum</a>, closely tracking Bitcoin’s performance. The asset has witnessed more than 10% surge in the past week, maintaining this upward trend with an additional nearly 1% increase in the past 24 hours. 
This price performance has elevated Ethereum to a current trading value of $2,614 as of this writing. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/WffsQstL/" alt="Ethereum (ETH) price chart on TradingView.com" width="2770" height="1556"> 
Featured image from Unsplash, Chart from Tradingview

Behind Ethereum’s Surge: Here’s How This Whale Is Taking Advantage Of The ETH Rally

Obsah

NewsBTC

Ďalšie články zverejnené 14. 2. 2024

XRP & SOL Holders Keep Buying Revolutionary Pushd (PUSHD) Presale as 40x Seems Possible

CoinShares' Resurgence: From the Crypto Winter to Record-Breaking Success

Crypto Weekend: AVAX & SOL Surge as BTC Climbs Above $50K; New Memecoin Attracts Top Whales

Crypto-Backed PAC Targets Rep. Porter in California Senate Bid

Uber Announces First Share Buyback Program, Stock Jumps Premarket

Debt Box Wants SEC’s Dismissal Request Denied: Report

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!