Prominent blockchain analytics firm Lookonchain has identified a substantial uptick in the accumulation of Ethereum (ETH).
Blockchain analytics specialist Lookonchain has documented noteworthy rises in the accumulation of Ethereum (ETH). Interestingly, these accumulations have coincided with a substantial increase in price and recent filings for Ethereum-related exchange-traded funds (ETFs).
Accumulation is accompanied by an increase in price.
Based on Lookonchain’s data, a specific entity identified as “whale0x7838” has recently withdrawn 4,288 ETH, valued at approximately $7.2 million, from Binance and subsequently staked it.
— Lookonchain (@lookonchain) October 1, 2023
In a separate development, a newly created wallet with the address “0x4b7B” has withdrawn 9,530 ETH, equivalent to $16 million, from the same platform, and subsequently staked these funds. This action has played a role in bolstering Ethereum’s momentum within the market.
In the meantime, the second-largest cryptocurrency, Ethereum, has witnessed a 2.3% rise in its value, pushing its price to $1,718. According to data from CoinGecko, this Bitcoin alternative is presently valued at an impressive $206 billion.
Contributing further to the upward momentum of Ethereum is the recent approval from the U.S. Securities and Exchange Commission (SEC) allowing Ethereum futures to be included in exchange-traded funds (ETFs).
Valkyrie Funds recognized this opportunity and made a strategic move by incorporating Ethereum futures into its pre-existing Bitcoin futures ETF. This milestone represents the inaugural instance where investors can access Ethereum-based futures via an ETF, potentially setting the stage for increased market stability and bolstered investor trust.
Numerous other asset management firms, such as VanEck and ProShares, are actively pursuing the launch of Ethereum futures ETFs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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