An Ethereum whale withdrew 16,449 ETH (worth $50.3 million) from Binance, coinciding with the expected approval of the Ethereum ETF next week. The ETH was transferred to a new wallet as the cryptocurrency’s price rebounded to $3,100.
This marks the first significant accumulation by this new whale address. The timing suggests a potentially bullish outlook for Ethereum, supported by the $10.2 million inflow into Ethereum investment products last week.
The anticipation of the ETF approval has fueled institutional interest, with several market commentators expecting further inflows and bullish momentum. Notably, a similar trend was observed after the SEC approved Ethereum ETFs’ 19b-4 filings, resulting in a 22% price increase.
The approval of the spot Ethereum ETF in the US could serve as a major catalyst for ETH, drawing more institutional investments and driving long-term growth.
