Ethereum Whale Activity Sparks Price Surge
The cryptocurrency market is buzzing with excitement as Ethereum (ETH) price surges by 5% to surpass $3,500 levels. This surge comes as whale activity spikes ahead of the spot Ethereum ETF scheduled to launch on July 8.
According to on-chain data provider Spot on Chain, a significant whale, believed to be Abraxas Capital, withdrew a massive 60K ETH, valued at $203 million, from Bitfinex at a price of $3,387 in the past 24 hours. The ETH price has already rallied 4% since then, giving the whale an unrealized profit of nearly $6.5 million.
At present, Ethereum is trading at $3,499 with a market cap of $420.7 billion. The daily trading volume has also increased by 50% to $9.8 billion. To sustain this rally, Ethereum must close above $3,500 to target levels of $4,000 and above.
Amid the anticipation surrounding the spot Ethereum ETF, whales have been swapping other altcoins for ETH. Last week, a PEPE whale converted $18 million of their PEPE coins to Ethereum in anticipation of a major rally.
The launch of the spot Ethereum ETF faces a slight delay, with the SEC requesting issuers to resubmit S-1 forms by July 8. ETF Store President Nate Geraci believes the revisions are minor and expects regulators to approve issuers for trading within the next 14-21 days. The SEC has hinted at a possible launch by the end of summer, keeping investor excitement high.
Geraci predicts that the spot Ethereum ETF will be the second-most successful debut in ETF history, following spot Bitcoin ETFs. This prediction adds to the anticipation surrounding Ethereum’s price movement in the coming days.