While Spot Bitcoin ETF approval does not increase the BTC price, altcoins, especially Ethereum, are experiencing good increases.
While Ethereum surpassed $2,600 with its rise, this rise is also supported by whales.
According to Lookonchain’s post, giant whales continue to accumulate ETH aggressively.
Accordingly, a whale who has been accumulating ETH since September purchased 5,762 ETH (worth $15.06 million) from Binance again.
Another whale, who has been accumulating ETH since January 2023, bought 2,800 ETH (worth $ 7.29 million) from Binance.
“Giant whales continue to accumulate ETH!
0xAA15 withdrew 5,762 ETH (worth $15.06 million) from Binance again 2 hours ago. This whale has purchased 50,733 ETH ($99.2 million worth) since September 19, 2023, with an average of 1,955.
0x9314 spent 7.29 million USDT to buy 2,800 ETH again 2 hours ago and has purchased 82,780 ETH ($150.3 million worth) with an average of $1,816 since January 1, 2023.”
Analysts stated that behind the whales’ interest in Ethereum were comments about the Ethereum ETF approval coming next after the Bitcoin ETF approval in the USA, and evaluated that the expectation of this approval could increase the ETH price.
Because Bloomberg ETF analysts state that they believe that after the spot Bitcoin ETF approval, the spot Ethereum ETF approval is next and that this approval will come in a short time.
ETH is at $2,636 with a 9.5% increase in the last 24 hours.
*This is not investment advice.
