Smart whale withdraws large amount of ETH from biggest exchange after regulator drops investigation against Ethereum

In a recent turn of events, a smart whale in the cryptocurrency market made a strategic move by withdrawing a large amount of Ethereum (ETH) from the biggest exchange, Binance, after a significant regulatory decision. The whale, who remains anonymous, transferred a whopping 16,604 ETH, valued at $58.6 million, from Binance over the past 19 days. This accumulation was done at an average price of $3,600 per coin.

The most recent purchase made by the whale was 5,603 ETH, equivalent to $19.7 million, just hours after the U.S. Securities and Exchange Commission (SEC) dropped its investigation into Ethereum 2.0. This decision by the SEC marked a major win for Ethereum and led to a 4.9% increase in ETH’s value over the past 24 hours.

The closure of the SEC’s investigation into Ethereum 2.0 was announced by Consensys lab, founded by Ethereum co-founder Joseph Lubin. This decision signifies that Ethereum will not be classified as a security by the regulator, providing a positive outlook for the cryptocurrency. The news of this regulatory victory propelled Ethereum’s price up by almost 5%, following a recent decline earlier in the week.

Overall, this recent development in the cryptocurrency market showcases the impact of regulatory decisions on digital assets and the strategic moves made by influential players like the smart whale who capitalized on the positive news surrounding Ethereum.