Ethereum Whales Accumulate ETH as Ethereum Futures ETF Approval Nears Certainty

In recent news, Lookonchain has reported a noteworthy trend of Ethereum (ETH) accumulation and staking by large holders, often referred to as “whales.”

One prominent whale, known as “0x7838,” made a significant move by withdrawing and staking 4,288 ETH from the Binance exchange just four days ago, amounting to approximately $7.2 million.

Following suit, another wallet with the address “0x4b7B” also withdrew and staked a substantial amount, totaling 9,530 ETH, or approximately $16 million, from Binance.

Market analysts speculate that this surge in Ethereum accumulation by whales could be linked to the pending approval of numerous Ethereum Futures ETF applications. The U.S. Securities and Exchange Commission (SEC) is set to announce its decision regarding these applications in the near future, and the prevailing sentiment among experts suggests that approval is highly likely.

In a related development of note, the cryptocurrency wallet associated with the FTX hacker has recently executed a transfer of 7,500 ETH, equivalent to approximately $12.62 million. Over the past two days, this wallet has initiated a series of transfers, totaling 22,500 ETH, or approximately $38 million. Currently, this wallet holds a substantial balance of 163,235 ETH, valued at around $275 million.

These intriguing movements in the Ethereum market reflect growing anticipation and confidence surrounding the potential approval of Ethereum Futures ETFs, which could have a significant impact on the cryptocurrency landscape.