Ethereum surpasses $2,000 milestone on ETF optimism By Investing.com
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GLOBAL MARKETS – (ETH) has soared past the $2,000 mark for the first time since April 2023, outshining (BTC) in the past week’s performance. The surge is largely attributed to BlackRock (NYSE:)’s announcement of a potential Ethereum Spot Exchange-Traded Fund (ETF), which has fueled investor optimism. This development, alongside Ethereum’s upcoming Shanghai upgrade and Bitcoin’s climb to $38,000, has propelled ETH to new heights.
The cryptocurrency is currently trading at $2,054, marking a significant week-on-week increase of 7%. Amidst market uncertainties, crypto enthusiasts remain hopeful for further gains. Reports from Lookonchain have highlighted substantial whale activities during the price surge. Notably, one whale realized a profit of $154 million while another incurred a loss of $183 million. The activity underscores the high-stakes nature of cryptocurrency trading.
In particular, Lookonchain spotlighted a whale with the address “0xee47,” who increased their Ethereum holdings by 3,200 ETH, equivalent to about $6.7 million. Their portfolio now stands at an impressive 183,740 ETH, valued near $388 million. This position represents an unrealized gain of approximately $155 million.
Whale movements have been a key part of this rally narrative. Before the rally kicked off, data showed a dormant whale address transferring 26,406 ETH to Bitfinex, resulting in a significant profit as Ethereum broke through the crucial resistance level. On the day of the rally itself, heightened whale activity was observed with investors moving large amounts of ETH to exchanges such as Bitfinex.
Following the rally, certain whales acquired an additional 3,200 ETH coins. Transactions exceeding one million dollars hit a seven-month peak and an increase in exchange-linked addresses was recorded, indicating substantial profit-booking activities among investors.
BlackRock’s confirmation regarding their plan to introduce an Ethereum Spot ETF played a pivotal role in boosting ETH’s price. Over the weekend preceding the rally, a group of astute institutional investors began accumulating Ether in anticipation of this event.
As investors continue to navigate the volatile crypto markets, tools like the ETH Profit Calculator have become increasingly important for assessing gains and strategizing future investments. With these latest developments and continued interest from large-scale investors, Ethereum’s market dynamics remain a focal point for both seasoned traders and newcomers to the cryptocurrency space.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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GLOBAL MARKETS – (ETH) has soared past the $2,000 mark for the first time since April 2023, outshining (BTC) in the past week’s performance. The surge is largely attributed to BlackRock (NYSE:)’s announcement of a potential Ethereum Spot Exchange-Traded Fund (ETF), which has fueled investor optimism. This development, alongside Ethereum’s upcoming Shanghai upgrade and Bitcoin’s climb to $38,000, has propelled ETH to new heights.
The cryptocurrency is currently trading at $2,054, marking a significant week-on-week increase of 7%. Amidst market uncertainties, crypto enthusiasts remain hopeful for further gains. Reports from Lookonchain have highlighted substantial whale activities during the price surge. Notably, one whale realized a profit of $154 million while another incurred a loss of $183 million. The activity underscores the high-stakes nature of cryptocurrency trading.
In particular, Lookonchain spotlighted a whale with the address “0xee47,” who increased their Ethereum holdings by 3,200 ETH, equivalent to about $6.7 million. Their portfolio now stands at an impressive 183,740 ETH, valued near $388 million. This position represents an unrealized gain of approximately $155 million.
Whale movements have been a key part of this rally narrative. Before the rally kicked off, data showed a dormant whale address transferring 26,406 ETH to Bitfinex, resulting in a significant profit as Ethereum broke through the crucial resistance level. On the day of the rally itself, heightened whale activity was observed with investors moving large amounts of ETH to exchanges such as Bitfinex.
Following the rally, certain whales acquired an additional 3,200 ETH coins. Transactions exceeding one million dollars hit a seven-month peak and an increase in exchange-linked addresses was recorded, indicating substantial profit-booking activities among investors.
BlackRock’s confirmation regarding their plan to introduce an Ethereum Spot ETF played a pivotal role in boosting ETH’s price. Over the weekend preceding the rally, a group of astute institutional investors began accumulating Ether in anticipation of this event.
As investors continue to navigate the volatile crypto markets, tools like the ETH Profit Calculator have become increasingly important for assessing gains and strategizing future investments. With these latest developments and continued interest from large-scale investors, Ethereum’s market dynamics remain a focal point for both seasoned traders and newcomers to the cryptocurrency space.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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