Whales Collect ETH as Ethereum Futures ETFs Are Almost Certain to Be Approved

In a recent development, Lookonchain reported that a significant amount of Ethereum (ETH) has been accumulated and staked by whales.

One such whale, identified as “0x7838,” withdrew and staked 4,288 ETH from Binance four days ago, equivalent to approximately $7.2 million. Another new wallet, “0x4b7B,” followed suit, withdrawing and staking 9,530 ETH (about $16 million) from Binance.

Analysts think this increase in Ethereum accumulation by whales may be linked to the large number of Ethereum Futures ETF applications awaiting approval. The U.S. Securities and Exchange Commission (SEC) is expected to announce its decision on these applications tomorrow, and the consensus among observers is that approval is almost certain.

In another significant development, the FTX hacker’s cryptocurrency wallet recently transferred 7,500 ETH (approximately $12.62 million). Over the last two days this account transferred a total of 22,500 ETH (about $38 million) and currently holds 163,235 ETH, worth about $275 million.

*This is not investment advice.

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