Elwood has put $26,811 in ETH worth $83.17 million into Binance in the last few days.
In recent days, Elwood, a global fintech firm, has been conducting substantial Ethereum (ETH) transfers to and from Binance, which has sparked speculation regarding the firm’s strategic objectives and potential market impact.
Lookonchain, a blockchain analytics platform, verified that Elwood deposited 26,811 ETH, which is approximately $83.17 million, into the crypto exchange within the past three days.
In the past two days, another address associated with Elwood withdrew 24,463 ETH, valued at approximately $75.88 million, from Binance. This occurred simultaneously. The crypto community has expressed concerns regarding potential market manipulation through platform X (formerly Twitter) in response to the near-simultaneous deposit and withdrawal activities.
These significant fluctuations frequently influence Ether price action and investor sentiment. As per CoinMarketCap data, ETH reached a maximum of $3,148; however, it was unable to maintain its momentum above $3,100. At the time of writing, the cryptocurrency is trading at $3,091, representing a 0.61% increase over the past 24 hours. However, Ethereum’s value remains 36.76% below its all-time peak of $4,891 in 2021.
Furthermore, Spot On Chain observed that a “whale/institution” withdrew 16,449 ETH from Binance, which is equivalent to approximately $50.8 million. This suggests that Ether is on the rise. The whale has relocated its Ethereum possessions to a new wallet and is continuing to accumulate Ether.
The significant whale move occurs during the approval window of a spot ETH exchange-traded fund (ETF) in the United States. Issuers’ S-1 filings are presently under review by the Securities and Exchange Commission (SEC). The supply of Ether on centralized exchanges reached an eight-year low in anticipation of the event. Only 10% of the ETH in circulation is held by CEXs. Expectations are that Ethereum (ETH) will surpass Bitcoin (BTC) in the immediate future.Katherine Dowling, Bitwise’s chief compliance officer, stated in a July 9 interview with Bloomberg that the spot ETH ETFs are on the brink of becoming operational. Bitwise is one of the firms that submitted an application for a spot ETH ETF. Additionally, it provides a spot BTC ETF in the United States.
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