©Reuters
GLOBAL MARKETS – (ETH) surpassed the $2,000 mark for the first time since April 2023, outperforming (BTC) over the past week. This surge is largely attributed to BlackRock’s (NYSE:) announcement of a possible Ethereum Spot exchange-traded fund (ETF), which fueled investor optimism. This development, along with Ethereum’s upcoming Shanghai update and Bitcoin’s rise to $38,000, has propelled ETH to new highs.
The cryptocurrency is currently trading at $2,054, representing a significant 7% week-over-week increase. Amid market uncertainties, cryptocurrency enthusiasts remain hopeful for further gains. Reports from Lookonchain highlighted substantial whale activities during the price surge. Notably, one whale made a profit of $154 million, while another suffered a loss of $183 million. These activities highlight the considerable stakes of cryptocurrency exchanges.
Lookonchain notably highlighted a whale whose address is “0xee47”, which increased its holdings in Ethereum by 3,200 ETH, the equivalent of approximately $6.7 million. His portfolio now stands at an impressive 183,740 ETH, worth almost $388 million. This position represents an unrealized gain of approximately $155 million.
The movements of the whales were a key element of this rally. Before the rally began, data showed that a sleeping whale address transferred 26,406 ETH to Bitfinex, resulting in a large profit when Ethereum broke the crucial resistance level. On the same day of the rally, increased whale activity was observed, with investors moving large amounts of ETH to exchanges such as Bitfinex.
After the recovery, some whales acquired an additional 3,200 ETH coins. Transactions exceeding $1 million hit a seven-month high and an increase in exchange-linked addresses was recorded, indicating substantial profit-taking activities among investors.
BlackRock’s confirmation of its plans to introduce an Ethereum Spot ETF played a vital role in the ETH price rally. Over the weekend leading up to the rally, a group of astute institutional investors began accumulating Ether in anticipation of this event.
As investors continue to navigate the volatile cryptocurrency markets, tools like the ETH Profit Calculator have become increasingly important for assessing gains and strategizing for future investments. With these latest developments and continued interest from large investors, Ethereum market dynamics remain a focal point for seasoned traders and newcomers to the cryptocurrency space.
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