After a lackluster Q2, the cryptocurrency market is seeing a resurgence, with Ethereum (ETH) leading the charge with a 5% surge, surpassing $3,500. This spike in price comes as whale activity increases ahead of the upcoming spot Ethereum ETF launch scheduled for July 8.
Spot on Chain, an on-chain data provider, reported a significant withdrawal of 60K ETH, valued at $203 million, by a whale known as Abraxas Capital from Bitfinex. The whale then lent the ETH to Spark to borrow $119 million in stablecoins and deposited it to Binance. The ETH price has already increased by 4%, giving the whale a considerable profit.
Currently, the Ethereum price is trading at $3,499 with a market cap of $420.7 billion and a daily trading volume of $9.8 billion. To sustain this rally, Ethereum must close above $3,500 to target levels of $4,000 and beyond.
Whales have been swapping other altcoins for ETH in anticipation of the spot Ethereum ETF launch. The excitement surrounding the ETF has caused a PEPE whale to convert $18 million of their PEPE coins to Ethereum.
The launch of the spot Ethereum ETF has faced some delays, with the SEC requesting issuers to resubmit their S-1 forms by July 8. Despite the uncertainty surrounding the launch timeline, ETF Store President Nate Geraci believes that the regulators could approve issuers for trading within the next few weeks. He also predicts that the spot Ethereum ETF will be the second-most successful debut in ETF history, following spot Bitcoin ETFs.
Overall, the anticipation of the spot Ethereum ETF launch has caused excitement among investors and could potentially drive the ETH price higher in the coming weeks. The Importance of Regular Exercise for Overall Health
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