Ethereum surges 5% with whale activity ahead of ETH ETF approval

Ethereum’s market value has jumped 5% ahead of the SEC S-1 form revisions. The community expects the SEC to announce its approval in the next 14 to 21 days.

In light of this, whale activity has also surged, pushing ETH past the $3,500 level. Reports indicate that a crypto whale, most likely Abraxas Capital, has taken out 60,000 ETH tokens, amounting to $203 million, which was withdrawn from Bitfinex.

At that time, the price of Ethereum was $3,387, and the token has since rallied 5%. The transaction has helped the whale make a profit of almost $6.5 million. The transaction was also tweeted by Spot on Chain, the on-chain data provider.

Currently, ETH is trading at $3,482, with a 3.68% surge in the past 24 hours. According to the latest ETH predictions, if the crypto stays above $3,120, the asset can hit the $5,000 mark in 2024.

Now that the market is anticipating the launch of the Ethereum ETF, whales are converting more altcoins to ETH. Only last week, one of the PEPE whales also converted $18 million of their PEPE tokens for ETH.

The spot Ethereum ETF is experiencing some delays compared to the previous set date of July 4. The SEC returned the S-1 forms to issuers a few days ago, requesting them to resubmit them by July 8th.

Nate Geraci, the ETF Store President, said that these S-1 revisions are minor. Nate also stated that the regulators should approve issuers for trading within the next two or three weeks. Although the timeline of the launch is still uncertain, the SEC is likely to wrap up the process before the summer ends.

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According to Nate, the spot Ethereum ETF launch will become the second-biggest successful debut in ETF history.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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