Key Points
- An Ethereum whale has withdrawn approximately $50.3 million from Binance.
- This move comes amid anticipation for the approval of the first-ever spot Ethereum ETF.
An Ethereum whale recently withdrew around $50.3 million, equivalent to 16,449 ETH, from the Binance crypto exchange. This move has sparked interest as it coincides with a surge in the price of Ethereum (ETH), which has recently climbed to $3,100. The increase in price is driven by expectations for the approval of the first-ever spot Ethereum ETF.
Whale’s Withdrawal and Market Confidence
On-chain data provider Spot On Chain reported this significant withdrawal, noting it as the first large accumulation by a new whale address. The entire amount was immediately transferred to a new wallet, indicating the owner’s potential interest in long-term holding rather than immediate profit. This activity suggests strong market confidence in Ethereum, as major accumulations often precede positive price action.
The timing of this withdrawal is also strategic, as it comes at a time when anticipation for the approval of a spot Ethereum ETF is high. Market experts are hopeful about this withdrawal, believing it could signal a bullish trend.
Mixed Market Sentiment
Despite the whale’s accumulation, there is a mixed sentiment about Ethereum in the market. Golem Network, a decentralized computing platform, has been doing the opposite, offloading its Ethereum holdings over the past week. Golem has deposited a total of 29,000 ETH, worth nearly $90 million, to various crypto exchanges, including Binance, Bitfinex, and Coinbase.
This large-scale liquidation by Golem may be an internal decision based on strategic considerations. However, it introduces some selling pressure in the short term.
The potential approval of the spot Ethereum ETF has been a major topic within the crypto community. Katherine Dowling, Chief Compliance Officer of Bitwise, confirmed that the approval process might be nearing its conclusion. With issuers submitting their S-1 amendments, there is a strong expectation that the ETF could be approved as soon as next week.
