Ethereum
ETH Whales on the Move as “Ethereum Survives SEC”
An Ethereum whale acquired over $19 million worth of ETH after Consensys said the SEC was closing its investigation into Ethereum 2.0.
The SEC said it has concluded its investigation into Ethereum 2.0.
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Posted June 19, 2024 at 3:28 AM EST.
The Ethereum community celebrated a big victory on Tuesday after Consensys, an Ethereum infrastructure company, said the U.S. Securities and Exchange Commission (SEC) no longer intends to file charges against the company.
June 18 letter of the SEC’s Enforcement Division has indicated that they have completed their investigation relating to Ethereum 2.0.
“Ethereum survives the SEC” said Consensys in an article on X, calling the development a “major victory” for developers, technology providers and industry players.
This comes after Consensys filed a lawsuit against the SEC in April, seeking a court order to halt the regulator’s investigation on the grounds that ether should be considered a commodity and does not fall under the regulator’s jurisdiction .
The SEC letter is also a response to an inquiry sent by Consensys on June 7, asking the regulator to confirm whether the approval of ether spot ETFs implied that the agency actually considered ether to be a commodity. and intends to close its investigation. .
“No company or individual should find themselves in our situation, having to resort to costly litigation to gain clarity on what is legal and what is not,” Consensys said in a statement. statement published on its website.
Following the news, onchain blockchain wallet tracker Lookonchain find that an Ethereum whale purchased 5,603 ETH, worth approximately $19.6 million at the time. The same whale has withdrawn approximately $59 million worth of ether from Binance since May 30.
Data from market information platform Santiment appears to indicate that market sentiment may shift from Bitcoin to Ethereum. Feeling note that Bitcoin holders experienced their largest three-day drop in non-empty wallets on Tuesday, while the number of Ethereum wallets increased.
It’s likely that whales are driving much of this activity, with Santiment’s on-chain data. showing that whales sold 50,000 BTC, worth $3.3 billion, between June 5 and 15, while whales acquired 700,000 ETH. worth $2.5 billion, over the past three weeks
Things have also heated up on the spot ether ETF front, with Bitwise amending its S-1. deposit, likely incorporating changes from the SEC’s first set of comments. The updated filing also indicates that venture capital firm Pantera Capital has expressed interest in purchasing shares worth $100 million in Bitwise’s Ether ETF, if approved.