Ethereum Whales Go on Buying Spree Amid ETF Rollout

Ethereum has been witnessing remarkable buying, mainly instigated by whales, as the second-largest cryptocurrency. Thanks to the launch of ETFs, it continues to be the talk of the crypto town.

According to IntoTheBlock data, the number of large ETH holders has been climbing, recently hitting 74,791 thanks to a remarkable accumulation spree.

IntoTheBlock pointed out, “Wallets holding at least 0.1% of the total supply have shown a consistently positive net flow over the past month, with a notable surge as Ethereum bounced back from its recent lows below $3k.”

Therefore, a bullish picture remains in the Ethereum ecosystem based on a notable hodl trend and the rollout of the much-anticipated ETFs.

Ethereum ETFs Take Center Stage in Crypto Circles

According to Santiment, the social volume regarding spot Ethereum ETF has been going through the roof, given that the altcoin has entered another chapter in its history. 

The leading crypto analytic firm acknowledged, “The social volume toward any keywords related to ‘Ethereum’, ‘Spot’, or ‘ETF’ are off the charts on a historic day. In the past 24 hours, the ETH/BTC is +3.4%, and traders are anticipating the bullish momentum for crypto’s second market cap asset is just getting started.”

Source: Santiment

With spot Ethereum ETFs seeing the green light on July 23 after being okayed by the United States Securities and Exchange Commission (SEC), the trading volume has already surpassed the psychological threshold of $1 billion.

Binance CEO Richard Teng recently opined that Ethereum ETFs would witness a steady capital deployment.

However, it remains to be seen whether they will follow in the footsteps of Bitcoin and trigger a new all-time high for Ethereum.