Ethereum rebounds, whales scoop ETH: Will the ETF approval boost gains?

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Ethereum price increase sparks whale activity with significant withdrawals and accumulation ahead of anticipated spot ETF approval.

Following a week of downward momentum, ETH’s price has seen a resurgence, leading to substantial transactions by whales.This was reflected in a 1.07% price increase over the past 24 hours, although the cryptocurrency has experienced a -7.46% decline over the past seven days.Recent on-chain data indicated substantial activity among Ethereum whales.

Notably, Spot On Chain, an on-chain data provider, reported that an Ethereum whale withdrew 16,449 ETH, equivalent to $50.3 million, from the crypto exchange, marking the first notable accumulation by a new whale address. The withdrawn ETH has since been transferred to a new wallet and remains there.another substantial transaction involving 9,966 ETH, equivalent to approximately $30.6 million, transferred from the Kraken exchange to an unknown wallet.


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