Ethereum whales bought $2.45 Billion worth of ETH in weeks
Market intelligence platform Santiment has revealed that in the recent three weeks, major Ethereum investors have acquired over 700,000 ETH tokens, valued at approximately $2.45 billion.
However, despite these substantial purchases, Ethereum finds it challenging to stage a robust recovery. As of now, the lead alternative coin is being traded for $3,562, following a dip to $3,360 on June 14.
This week, a CryptoQuant analyst known as ShayanBTC highlighted that the potential for Ethereum's short-term bearish trend could be due to the heavy selling activity by futures market participants.
Its value experienced a boost alongside Bitcoin's on Wednesday, driven by unexpectedly favorable U.S. inflation figures.
Nevertheless, the upward trend in cryptocurrencies was short-lived, as risk assets across the board saw a pullback following some pointed remarks from Federal Reserve Chair Jerome Powell. These comments cast doubt on the prospect of multiple interest rate cuts within the year.
In a surprising move last month, the U.S. Securities and Exchange Commission (SEC) approved several 19b-4 applications for Ethereum-based exchange-traded funds (ETFs), sparking a significant uptick. On May 27, Ethereum nearly breached the $4,000 mark bolstered by investor enthusiasm. Yet, the momentum waned quickly when it became apparent that the SEC had not yet green-lighted the S-1 registration forms required for these ETFs to commence trading.
SEC's head Gary Gensler indicated that a final decree on Ethereum ETFs could be announced sometime this summer during a congressional hearing he attended.
Nonetheless, financial behemoth JPMorgan has recently expressed skepticism regarding the appeal of Ethereum ETFs, suggesting they may only witness limited interest.
