Ethereum
Whale Converts $PEPE to $ETH Amid Positive SEC Developments for Ethereum Spot ETF » The Merkle News
In recent activity, the whale identified as 0x837 has made significant progress in the cryptocurrency market. Two days ago, he deposited his last 300 billion $PEPE tokens, valued at around $3.85 million, in Binance.
This whale has since converted all of its $PEPE holdings to $ETH.
Just three hours ago, he withdrew $1,728 ETH, worth around $5.86 million, from Binance. Over the past two days, he has accumulated a total of $4,374ETH, valued at approximately $14.91 million. These $ETH tokens were staked in Compound, indicating a strategic decision to generate yield.
Whale 0x837 has already changed everything $PEPE In $ETH.
3 hours ago he withdrew 1,728 $ETH (~$5.86 million) of #Binance 👉 he totaled 4,374 $ETH (~$14.91M) over the last 2 days.
Those $ETH have been staked #Compound.https://t.co/vUBwSf5G90 pic.twitter.com/nU5YRUHXXM
– The Data Nerd (@OnchainDataNerd) June 29, 2024
Around 80% of Ethereum Holders Show Strong Bullish Confidence
According to Intotheblock data, 78% of ETH is held by long-term holders, demonstrating trust and stability within the Ethereum community.
78% of ETH belongs to long-term hodlers pic.twitter.com/9vb5kaUIar
– Intotheblock (@intotheblock) June 28, 2024
Adding to the bullish sentiment for Ethereum, The Block reports that the US SEC has returned Form S-1 to potential Ethereum spot ETF issuers with only a few comments. These issuers have been asked to process the comments and resubmit them by July 8. This indicates that at least one additional round of deposits will be required before the ETF can begin trading.
According to The Block, citing people familiar with the matter, the U.S. SEC has returned Form S-1 to potential Ethereum spot ETF issuers with only a few comments. The issuer has been asked to address those comments and resubmit them by July 8. That means at least one more…
— Wu Blockchain (@WuBlockchain) June 29, 2024
These developments highlight a positive outlook for Ethereum, with significant investor activity and promising regulatory progress for an Ethereum spot ETF. As the market continues to evolve, Ethereum remains a focal point for long-term holders and institutional investors.
Disclosure: This is not trading or investment advice. Always do your research before purchasing cryptocurrency or investing in any service.
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