PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds

Ethereum Whale Shifts Holdings to ETH Amid ETF Optimism

Recent on-chain analysis reveals a strategic shift in funds by a cryptocurrency whale from PEPE to Ethereum (ETH). This move follows the submission of multiple S-1 amendment filings for Ethereum ETFs.

Whale Diverts Funds to ETH

Data from EmberCN indicates that the whale (0x837) transferred 1.4 trillion PEPE (approximately $18.01 million) to Binance and subsequently withdrew $9.04 million worth of ETH from the exchange. The accumulations were made at an average price of $3,416.

ETF Optimism Spurs Whale's Move

Market sentiment towards Ethereum has shifted positively, particularly with the recent filing of S-1 amendments by eight firms, including BlackRock and Fidelity. ETFstore President Nate Geraci predicts the launch of an ETH ETF within 2-3 weeks.

ETH and PEPE Price Performance

At the time of writing, PEPE's price had increased 1.39% to $0.00001244, while ETH had gained 0.86% to $3,453.94.

Derivatives Data Signals Contrasting Market Sentiments

Data from Coinglass shows a 1.75% decline in Ethereum's Futures OI, indicating reduced investor interest. Conversely, PEPE's OI witnessed a 3.94% increase, suggesting a surge in interest.

Conclusion

The whale's strategic shift from PEPE to ETH reflects optimism surrounding the upcoming Ethereum ETF. While market sentiments for ETH derivatives are mixed, the whale's actions indicate a bullish outlook for the asset.