Well transfers $50M in ETH to ETF consideration
An Ethereum whale was spotted withdrawing 16,449 Ether from Binance, worth approximately $50.3 million. This transaction occurred as the price of Ether rose above $3,000 again.
According to Onchain data provider Spot OnChain, the whale activity marks the first significant accumulation of Ether (ETH), the amount of which has been transferred to a new wallet.
Time to leave
The timing of the rollout is significant, with spot ether exchange-traded funds (ETFs) expected to launch in the United States sometime next week. In their article on X, Spot On Chain questioned whether the massive move could be a bullish sign for Ethereum.
The introduction of ETFs is expected to increase institutional interest and investment in Ether, potentially driving up its price.
The price of Ether rose 10.11% to $3,113 on July 9, down from $2,830 the previous day. The rally took place alongside the release of CoinShares' weekly report, which showed that the ether-linked investment fund earned $10.2 million for the week ending July 5.
Updating Ether ETF subscriptions
Asset management firms VanEick and 21Shares filed their S-1 filings with the US Securities and Exchange Commission on July 8, seeking approval in July and updating their Ether ETF shares to listing and trading.
Related: Ethereum ETFs ‘closer to finish line' – Bitwise exec
21Shares also filed an updated form for the Core Ethereum ETF. While the filings don't give an exact opening date for US exchanges, they say the ETF will start listing “as soon as practicable after the effective date.”
Meanwhile, there is increasing competition among ETF sponsors ahead of the expected launch of Spot Ether ETFs. On July 9, Invesco and Galaxy filed a 0.25% management fee for the Invesco Galaxy Ethereum ETF with US regulators.
The SEC gave its approval to declassify Ether ETFs in May. However, investors withdrew $61 million from Ether's investment products between June 24 and 29, bringing total withdrawals at the end of the month to $119 million and total balances for June to $37 million.
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