Whales Accumulate Ethereum (ETH) in Anticipation of Spot ETF Launch

Recent data indicates that large-scale investors, commonly known as whales, are significantly increasing their holdings of Ethereum (ETH).

Data shows that large-scale investors, or whales, are accumulating substantial amounts of Ethereum (ETH) in anticipation of the launch of spot Ethereum ETFs.

Over the past week, a significant outflow of ETH from exchanges has been observed, with nearly $126 million in ETH being withdrawn, according to IntoTheBlock. This accumulation coincides with a recovery in Ethereum's price following a recent market downturn.

The SEC recently approved rule changes to allow two spot Ethereum ETFs, from ProShares and Grayscale, to be listed on NYSE Arca Inc., as reported on July 17. The launch of these ETFs is pending finalization of S-1 filings.

Despite a slight decline in ETH's price today, currently at $3,440 with a 1.48% decrease, it has risen over 11% in the past week. This slight decrease does not diminish the overall positive outlook for ETH, which is poised for long-term growth with the anticipated institutional investment into these ETFs.

The growing interest from whales in accumulating ETH suggests optimism for further price increases in the near future.

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