Ethereum Whales Increase Holdings as ETF Anticipation Boosts Market Confidence

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

This shift has become evident over the past week as Ethereum’s price recovered following a market downturn.

According to IntoTheBlock, substantial outflows have been observed, with approximately $126 million worth of ETH withdrawn from exchanges recently.

This substantial accumulation by whales comes in anticipation of the upcoming launch of spot Ethereum ETFs. On July 17, the SEC approved changes necessary for listing two such ETFs, from ProShares and Grayscale, on NYSE Arca Inc., though trading will start after S-1 filings are finalized.

Despite a slight 1.48% dip in Ethereum’s price today, currently at $3,440, it remains up 11% over the past week.

This decline has not diminished the overall positive outlook for ETH, which is poised for long-term growth with the expected influx of institutional investments from the new ETFs. The growing whale interest reflects optimism for further price increases in the near future.