Ethereum recently experienced its largest spike in active $ETH addresses in three months, with the total number reaching 617,170.
This surge comes amid growing anticipation of Ethereum Exchange-Traded Funds (ETFs).
#Ethereum just saw its largest spike in active $ETH addresses in three months, reaching a total of 617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr
— Ali (@ali_charts) June 22, 2024
Bloomberg ETF analyst Eric Balchunas has reported that numerous amended ETH ETF S-1 filings are expected today. The SEC will then review these filings to notify issuers of any final changes and their effectiveness, with July 2nd being considered a potential launch date for these ETFs.
Bloomberg ETF analyst Eric Balchunas: We will see a bunch of amended ETH ETF S-1s filed today, or maybe later this afternoon. Then ball's in SEC's court to let issuers know about any final changes and effectiveness (final approval). We holding the line with July 2nd as our…
— Wu Blockchain (@WuBlockchain) June 21, 2024
In addition to this regulatory development, Paradigm Capital has made significant moves within the Ethereum market. At 6:37 UTC+8 today, Paradigm deposited 5,817 ETH, valued at approximately $20.49 million, into the custody platform Anchorage Digital.
Paradigm Has Deposited 14,070 ETH, Currently Worth Over $49,5. Million
Over the past three months, Paradigm has consistently deposited ETH into Anchorage Digital at the end of each month. The total deposits now amount to 14,070 ETH, worth around $49.5 million.
Paradigm Capital: 0x11…c3cD deposited 5.817k ETH, worth about $20.49 million, into the custody platform Anchorage Digital at 6:37 UTC+8 today. In the past three months, Paradigm has regularly deposited ETH into Anchorage Digital at the end of each month, and has deposited a…
— Wu Blockchain (@WuBlockchain) June 22, 2024
These activities highlight a growing institutional interest in Ethereum. The spike in active addresses suggests increased network activity, possibly driven by both retail and institutional investors positioning themselves ahead of the anticipated ETF launches. The consistent deposits by Paradigm Capital into Anchorage Digital further underscore the confidence in Ethereum’s long-term potential.
As the Ethereum ecosystem continues to develop, the potential approval and launch of ETH ETFs could be a significant milestone. It would likely provide increased accessibility for investors and potentially drive further demand and price appreciation for $ETH.
Overall, the combination of regulatory progress, significant institutional deposits, and increased network activity paints a promising picture for Ethereum’s near-term future. Investors and market observers will be closely watching the SEC’s decisions and the impact of these developments on the broader crypto market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch
