Whale Transfers Large Amount of Ethereum as ETF Nears

Some experts continue to speculate that the final approval of spot Ether exchange-traded funds could enable listing and trading as early as July.

Azcnews Whale Transfers Large Amount Of Ethereum As Etf Nears

A notable Ethereum whale activity was observed when 16,449 ETH, valued at approximately $50.3 million, was withdrawn from Binance. This significant transaction occurred as Ethereum’s price rebounded above $3,000.

Spot On Chain, an on-chain data provider, highlighted that this whale activity marks their first substantial Ether accumulation and has garnered considerable attention. The entire amount was transferred to a new wallet and remains there.

Timing of the Withdrawal

The timing of this withdrawal is particularly noteworthy as it coincides with the anticipated launch of Ether exchange-traded funds (ETFs) next week. In a post on the social platform X, Spot On Chain questioned whether this large-scale transfer could be a bullish signal for Ethereum.


The ETF launch is expected to boost institutional interest and investment in Ethereum, potentially driving the price higher. The recent whale activity and the upcoming ETF launch indicate a period of heightened interest and potential volatility for Ethereum.

According to the market report, Ether’s price surged by 10.11%, reaching $3,113 on July 9, up from a low of around $2,830 the previous day. This ETH/USD price increase coincided with CoinShares’ weekly report, which revealed that Ether-linked investment funds received $10.2 million in inflows during the week ending July 5.

Ether ETF Registration Updates

21shares Ether Etf
21shares Ether Etf

However, a few days after these inflows, asset management firms VanEck and 21Shares amended their S-1 registration with the U.S. Securities and Exchange Commission (SEC) seeking approval in July to list and trade shares of a spot Ether ETF. Additionally, 21Shares submitted an updated form for its Core Ethereum ETF. Although none of the filings provided an exact launch date for U.S. exchanges, both firms stated that the ETFs would be launched “as soon as practicable” following the registration’s effective date.

Meanwhile, competition among ETF sponsors has intensified ahead of the anticipated launch of spot Ether funds later this month. On July 9, Invesco and Galaxy set a management fee of 0.25% for the Invesco Galaxy Ethereum ETF in their filing with U.S. regulators.

The SEC approved spot Ether ETFs in the country in May. However, investors withdrew $61 million from Ether investment products between June 24 and June 29, bringing the total outflows by the end of the month to $119 million and resulting in a net outflow of $37 million for June.

Love

0.0/5

Love

Latest

Crypto Trader James Wynn Loses $99 Million In A Week

News | Altcoin | Editor Choice

Crypto Trader James Wynn Loses $99 Million in a Week

Crypto trader James Wynn lost $99 million in just one week due to failed Bitcoin bets, while another trader made $17 million by taking the opposite positions.

Most Ethereum Etf Investors Deep In The Red

News | Altcoin | Editor Choice

Most Ethereum ETF Investors Deep in the Red

Most investors in BlackRock and Fidelity’s Ethereum ETFs are suffering heavy losses as Ether’s price falls well below their entry levels, amid volatility driven by former President Trump’s trade policies.

Trading Volume On Pancakeswap Reaches $138 Billion, Surpassing Uniswap

Altcoin | Editor Choice

Trading Volume on PancakeSwap Reaches $138 Billion, Surpassing Uniswap

Thanks to strong support from CZ and Binance exchange, PancakeSwap's trading volume in May reached $138 billion, far surpassing Uniswap.

Deepseek Unveils Upgraded Ai Model, Claims Performance On Par With Chatgpt And Gemini

News | AI | Editor Choice

DeepSeek Unveils Upgraded AI Model, Claims Performance on Par with ChatGPT and Gemini

DeepSeek, a leading AI company in China, has unveiled a powerful new model with advanced reasoning capabilities, claiming performance on par with ChatGPT and Gemini, further intensifying the global AI race.

Sec Officially Withdraws Lawsuit Against Binance And Cz

Editor Choice | Policy & Regulations

SEC Officially Withdraws Lawsuit Against Binance and CZ

The SEC has officially withdrawn its lawsuit against Binance and CZ, concluding the final legal actions by the SEC targeting cryptocurrency.