Blockchain analysis firm Lookonchain has observed a noteworthy surge in the accumulation of Ethereum (ETH), coinciding with a substantial increase in its market price and recent filings for exchange-traded funds (ETFs).
The surge in accumulation is accompanied by a price surge. According to data from Lookonchain, a specific entity identified as “whale”0x7838” recently withdrew 4,288 ETH, valued at $7.2 million, from Binance and proceeded to stake it.
In a similar move, another newly created wallet, “0x4b7B,” withdrew 9,530 ETH (equivalent to $16 million) from the same platform and also staked it, further contributing to the upward momentum of Ethereum in the market.
Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, has witnessed a 2.3% increase in its value, driving its price to $1,718. According to data from CoinGecko, Ethereum is currently valued at an impressive $206 billion, solidifying its position as a significant player in the cryptocurrency market.
The ETF Enthusiasm
Adding to Ethereum’s positive momentum is the recent decision by the U.S. Securities and Exchange Commission (SEC) to approve Ethereum futures for inclusion in ETFs. Valkyrie Funds has capitalized on this opportunity by integrating Ethereum futures into its existing Bitcoin futures ETF.
This milestone represents the first instance where investors can access Ethereum-based futures through an ETF, potentially laying the groundwork for improved market stability and enhanced investor confidence.
Several other asset management firms, including VanEck and ProShares, are also actively pursuing the launch of Ethereum futures ETFs, underscoring the growing interest in Ethereum’s role within the broader investment landscape.