Whale Activity Surges as Nine Ethereum Spot ETFs Launch

IconCryptoNewsTerminal Staff23 Jul, 2024

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Whale Activity Surges as Nine Ethereum Spot ETFs Launch

Ethereum's recent surge in whale activity coincides with the launch of nine Ethereum spot Exchange Traded Funds (ETFs). According to on-chain analytics platform Santiment, Ethereum whale addresses have transferred a significant amount of ETH since July 17th (UTC). The transfer volume of Ethereum above $100k is notably 64% higher than Bitcoin and 126% higher than Ethereum-based USDT during this period. This surge in whale activity suggests that large investors are actively allocating funds to Ethereum, potentially driven by the launch of these spot ETFs. Spot ETFs provide a convenient and regulated way for institutional and retail investors to gain exposure to Ethereum without directly holding the asset. The launch of multiple spot ETFs in a short span indicates growing institutional interest in Ethereum. These ETFs offer more accessible investment options for traditional investors and may contribute to increased adoption and price stability for Ethereum in the long run.

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