Whale Converts Over $18M in PEPE to ETH Amid ETF Anticipation

Whale Converts PEPE Holdings to Ethereum

In the past 3 hours, a whale known as 0x837 has converted their PEPE holdings into Ethereum, totaling over $18 million. This transaction occurs amidst a decline in the PEPE price and increased investor interest in Ethereum, particularly with the anticipation of a spot Ethereum ETF approval.

Detailed Transactions and Market Impact

Yesterday, 0x837 deposited 300 billion PEPE, worth approximately $3.85 million, into Binance. Subsequently, the whale withdrew 1,728 ETH, valued at $5.86 million, from Binance. Over the past 2 days, 0x837 has accumulated 4,374 ETH, worth around $14.91 million, which they've staked into the Compound protocol.

Anticipation of Ethereum ETF Approval

The potential approval of a spot Ethereum ETF is anticipated to drive institutional interest in Ethereum. While the interest in Ethereum is robust, industry experts project that inflows into Ether spot ETFs could be lower than those seen with Bitcoin ETFs.

Pepe & Ethereum Price Trend

PEPE has experienced a bearish trend, while Ethereum's price has been recovering. At the time of writing, PEPE was trading at $0.00001161, a 2% decline from resistance, while Ethereum was trading at $3,381.23 after surging over its support level.

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