With the approval of the spot Ether ETF in the US approaching, attention turns to its potential impact on Ethereum’s trajectory in the coming weeks.
An Ethereum whale activity has been spotted withdrawing 16,449 ETH, valued at approximately $50.3 million, from Binance. This substantial transaction occurred as the price of Ethereum rebounded to over $3,000.
According to Spot On Chain, an onchain data provider, the whale’s activity marks their first significant accumulation of Ether (ETH) and has drawn considerable attention. The entire amount has been moved to a new wallet, where it remains held.
The timing of this withdrawal is particularly notable as it coincides with the anticipated launch of the Ether exchange-traded funds (ETFs) next week. In their post on the X social platform, Spot On Chain questioned whether this large-scale transfer could be a bullish signal for Ethereum.
