Ethereum Surges Back To $3.1K Amid ETF Filing Frenzy

Ethereum has surged to $3.1K today, marking a 3% uptick in value. This increase comes as the crypto market shows signs of stabilization following a standard correction.

The total cryptocurrency market capitalization appears to have bottomed out, bolstered by the recent filing of final documents for Ethereum ETFs, which are set to launch in less than a week.

Early Monday, VanEck filed an amended S-1 registration statement for its spot Ethereum ETF, incorporating minor changes to custody details.

This was soon followed by filings from other major players like 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale. Trading is expected to commence around July 15, sparking optimism among investors.

Some Whale Sells Off His Ethereum Holdings Making Some Profits 

On-chain reports reveal that a prominent whale has liquidated his Ethereum holdings, securing a substantial profit. The whale, identified by the address 0x99E…dFCaB, had accumulated 13,140 ETH at an average price of $2,075 from February 2021 to January 2024. Over the past four days, these assets were transferred in batches to the address 0x957…eb794, with the final transfer of 3,960 ETH completed today.

Currently, all 13,246 ETH have been deposited into Bybit, valued at $40.17 million, with an average deposit price of $3,033. This move has netted the whale an estimated profit of $12.68 million, showcasing the lucrative potential of strategic crypto investments.

As the Ethereum ETF launch date approaches, market participants are closely monitoring these developments, anticipating further bullish momentum. The filing and potential approval of these ETFs are seen as significant catalysts that could drive Ethereum’s price even higher in the coming days.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch