ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval

Ethereum Price Surges as Whale Activity Soars

As the cryptocurrency market emerges from a lackluster second quarter, Ethereum (ETH) has experienced a significant surge, with its price rising 5% and surpassing the $3,500 mark. This rally follows a notable spike in whale activity prior to the highly anticipated spot Ethereum exchange-traded fund (ETF) launch scheduled for July 8th.

Massive Whale Withdrawal

Data from on-chain provider Spot on Chain reveals a large whale, believed to be Abraxas Capital, withdrew an impressive 60K ETH (approximately $203 million) from the Bitfinex exchange at a price of $3,387 within the past 24 hours. Since then, the ETH price has increased by 4%, resulting in an unrealized profit of nearly $6.5 million for the whale.

Altcoin Swapping

Amidst the excitement surrounding the spot Ethereum ETF, whales have been actively exchanging other altcoins for ETH. Recently, a PEPE whale converted $18 million worth of PEPE coins into Ethereum in anticipation of an upcoming rally.

Sustained Rally

For the ETH price rally to continue, it is crucial for Ethereum to close above the $3,500 level on a daily basis. This would allow bulls to target higher levels of $4,000 and beyond.