Major crypto investors, or whales, have started to accumulate Ethereum (ETH) in large numbers. This trend emerged over this past week as the ETH price managed to rebound after the crypto crash. This bullish sentiment on the market signals a sustained rebound from the leading altcoin.
According to the latest data from IntoTheBlock, Ethereum has witnessed massive exchange outflows. Around $126 million worth of ETH has been withdrawn from crypto exchanges this week. This means that the Ethereum whales bought huge amounts of coins during this time.
Notably, this strong accumulation trend comes ahead of the potential spot Ethereum ETF launch in the coming days. On July 17, the United States Securities and Exchange Commission (SEC) gave the green light to the proposed rule changes to list two spot ETFs.
Per the official announcement, applications from two Ethereum ETF filers, ProShares Ethereum ETF and Grayscale Ethereum Mini Trust, were approved by the SEC. These spot Ethereum ETFs were approved to be listed and traded on the NYSE Arca Inc. However, official trading will commence after the approval of the S-1 filings.
Ethereum price movements
Amid the ETF buzz and strong accumulation trend, the price of Ethereum has dipped 1.48% today. Currently trading at $3,408.57, the price is still up 10.9% over the last seven days. This means that ETH is still in the bullish zone despite today’s slight decrease in its value. Moreover, the broader prospects of ETH are looking optimistic.
The spot Ethereum ETFs are expected to inject massive institutional investment into the ETH market. This will eventually give a major boost to the ETH price over the long term. The whales are also anticipating bullish momentum from the coin, as witnessed by the recent accumulation trend. Overall, the market is expecting notable gains from ETH in the foreseeable future.
