Ethereum

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/sec-approval-boosts-ethereums-price" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC Approval Boosts Ethereum’s Price</a><br></p>
<p style="text-align: justify">Ethereum (ETH) is currently challenging the $4,000 mark following recent developments with the U.S. Securities and Exchange Commission (SEC). Speculations are mounting that Ethereum might mimic Bitcoin’s (BTC) price behavior, which experienced a substantial surge after the endorsement of Bitcoin ETFs. The lifting of restrictions on Ethereum ETFs is believed to have spurred significant whale activity, contributing to Ethereum’s upward trajectory.</p>
<h2 id="whale-activities-surge">Whale Activities Surge</h2>
<p style="text-align: justify">On June 3, the analysis platform SpotOnChain reported that a notable whale transferred about $26.7 million worth of ETH to <a href="https://en.bitcoinhaber.net/el-salvador-inaugurates-educational-initiatives-financed-by-bitcoin-gains" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>. This whale, known for its strategic movements during previous bear markets, continues to hold a substantial amount of ETH. Currently, the whale retains 36,785 ETH, valued at $141 million, achieving a growth rate of 57.9% and earning $76.6 million in profit.</p>
<h2 id="why-are-investors-withdrawing-ethereum">Why Are Investors Withdrawing Ethereum?</h2>
<p style="text-align: justify">After the approval of spot Ethereum ETFs in the U.S. on May 23, <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> withdrew $3 billion worth of Ethereum from centralized exchanges, suggesting a potential scarcity in supply. Data from CryptoQuant highlighted a decrease of 797,000 ETH in exchange reserves between May 23 and June 2, bringing the total down to $3.02 billion. This trend indicates that investors are opting to hold their Ethereum in personal wallets rather than engaging in rapid sales.</p>
<h2 id="increase-in-ethereum-holdings">Increase in Ethereum Holdings</h2>
<p style="text-align: justify">Ethereum whale activities have seen a notable rise this year. IntoTheBlock <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> that the number of wallets holding more than 1% of the total ETH supply increased from 36% to 41%. Santiment data from June 4 corroborates this trend, noting significant accumulation by whales holding between 10 million and 100 million ETH since May 20, coinciding with news about changes in the SEC’s stance on Ethereum ETFs.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">As Ethereum navigates through these developments, here are some key inferences for investors:</p>
<ul>
 <li>Watch Ethereum ETF approvals closely as they can influence price movements.</li>
 <li>Monitor whale activities for potential market trends.</li>
 <li>Consider the implications of reduced exchange reserves, indicating a supply squeeze.</li>
 <li>Evaluate the impact of long-term holdings on market stability and price potential.</li>
</ul>
<p style="text-align: justify">These insights provide valuable guidelines for investors looking to make informed decisions in the evolving Ethereum landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/sec-approval-boosts-ethereums-price" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC Approval Boosts Ethereum’s Price</a></h5>

SEC Approval Boosts Ethereum’s Price

Table of Contents

BH NEWS

Other articles published on Jun 5, 2024

This Shiba Inu 'Super Big Winner' Whale Is Already Up $120M But Still 'Buying Crazily:' 715B SHIB...

Tether Invests $18.75M in XREX to Boost Stablecoin Security and Expand USDT Use in Emerging Markets

Bitcoin Investment in Infancy, Franklin Templeton CEO Claims

JUST IN: Paxos, Previously Issued BUSD, Now Introduces a New Stablecoin – It Has a Feature First ...

OKX user loses $2 million in crypto in AI deepfake hack

Paxos Launches Yield-Generating Stablecoin Lift Dollar

Join our free newsletter for daily crypto updates!