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Large Ethereum Investor Increases Holding by 7,000 ETH to $140 Million Amid Potential Launch of Spot Ether ETFs

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A giant Ethereum whale has made an impressive $76 million profit from investing in the second-largest cryptocurrency by market capitalization. The whale recently restarted accumulating more tokens amid speculation that spot Ether exchange-traded funds (ETFs) will soon trade in the US. SpotOnChain, a blockchain analytics firm, revealed that the whale withdrew 7,000 ETH worth over $26 million from leading cryptocurrency exchange Binance at around $3,800 per coin. This move came after the whale withdrew most of their ETH during last year’s bear market and deposited it back onto the exchange when the price rose. Currently, the whale holds 36,785 ETH worth over $140 million and boasts a profit of $76.6 million.

The US Securities and Exchange Commission’s unexpected approval of spot Ether exchange-traded funds last month caused the price of ETH to surge over 25%. This move increased investor interest in the cryptocurrency, especially since spot Bitcoin ETFs in the US have been highly successful. These Bitcoin ETFs have amassed billions in assets quickly, with BlackRock’s iShares Bitcoin Trust becoming the fastest ETF to hit $20 billion in assets in just 144 days. The rapid success of Bitcoin ETFs could be influencing the decision of the giant Ethereum whale to accumulate more ETH.

Institutional accumulation of Ethereum has been on the rise, with over 800,000 ETH worth approximately $3 billion moving off centralized exchanges in a short period. Analysts suggest that institutions may be preparing for the launch of a spot Ethereum ETF in the US, leading to increased demand for the cryptocurrency. According to IntoTheBlock, a cryptocurrency intelligence firm, large holders now control 41% of Ethereum’s total circulating supply, up from 36% at the beginning of the year. This trend indicates growing confidence in ETH among whales and large holders.

As the anticipation for spot Ether ETFs builds up, it is likely that more whales and institutional investors will continue to accumulate Ethereum. The success of Bitcoin ETFs has set a positive precedent for Ethereum ETFs, leading to a surge in demand for the cryptocurrency. With the price of ETH expected to rise further as institutional interest grows, the giant whale’s decision to accumulate more tokens at this stage could prove to be highly profitable. As the market dynamics continue to shift, it will be interesting to see how the whale’s investment strategy unfolds in the coming months.

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