Following the SEC’s approval of the first spot Bitcoin ETF in the United States, investors have shifted their focus to Ethereum (ETH), the world’s largest altcoin. On-chain data indicates that crypto whales are actively accumulating ETH.
On-chain data provider Spot On Chain reported that in the past week, six crypto whales have accumulated 58,480 ETH worth $134 million. This suggests that the market may be pricing in a potential spot Ethereum ETF, similar to the impact seen with Bitcoin’s ETF approval.
One notable transaction involved a wallet address starting with 0x931, which purchased 21,192 ETH at approximately $2,265 each, totaling $48 million about four days ago. Justin Sun, the founder of TRON, also made a significant move by withdrawing 11,267 ETH worth $25.31 million from Binance six days ago.
Another wallet address starting with 0xb82 withdrew 12,219 ETH worth $28.9 million from Binance, and is currently sitting on an unrealized profit of $2.71 million. Additionally, three new whales have withdrawn 13,800 ETH valued at $31.3 million from Binance.
According to CoinMarketCap, ETH has risen by 8.90% in the last 24 hours, trading at $2,599. The trading volume of the largest altcoin has surged by 79.79% to $34.49 billion in the same period. Over the last week, ETH’s gain is 16.11%, and over the past month, it’s 15.96%, with its market cap now at $312.38 billion.