A previously inactive Ethereum whale has moved 86 ETH, worth $325,535 to prominent U.S. cryptocurrency exchange Coinbase, as disclosed by data from Whale Alert.
This whale, whose wallet address is “0xCc60,” first purchased Ethereum as a participant in the initial coin offering (ICO) at a value of just $0.31 during the Genesis Block. At present, the volume of tokens in circulation amounts to $325,160, and the price of Ethereum is $3,850.
This large transaction takes place at the same time as there is increased expectation over the upcoming Ethereum ETF ruling. The expectation of a successful resolution has increased over the last several days, pushing up the price of Ethereum by almost 23% since the start of the week.
The SEC’s recent interactions with Ethereum issuers on Form S-1, a registration statement for securities, have further bolstered analysts’ estimates that the agency would approve the Ethereum ETF, which are now pegged at 75%. Political pressure has also been applied to the regulatory decision by a bipartisan group of politicians who have encouraged SEC Chair Gary Gensler to allow spot Ethereum ETFs.
The whale’s transfer may be seen as the holder’s straightforward assurance or as a calculated manoeuvre to take advantage of the current market conditions.
But this whale isn’t the only important participant in the game. One of Ethereum’s cofounders, Jeffrey Wilcke, has transferred 10,000 ETH to the American exchange Kraken, worth around $37.4 million. This transaction is a part of Wilcke’s ongoing string of substantial transactions; since the beginning of 2024, he has transferred 24,300 ETH, or around $75 million.
