Giant Whale Moves Revealed: Massive Funds Flow into Binance After SEC Approves 9 Spot Ethereum ETFs
Publication Time:2024-07-23 10:06:06
Against this backdrop, a report indicates that a large cryptocurrency holder, referred to as a 'whale,' deposited approximately 8,762 ETH (worth around $30.4 million) into the Binance platform within a short time after the SEC's decision. This massive fund transfer occurred between May 27 and May 29, when the market price of Ethereum was around $3,876 per coin. If sold at this price, the total amount of funds transferred could be approximately $336 million. However, considering the current market volatility and potential selling losses, this capital did not generate immediate actual profits. This move reflects the confidence of market participants in the investment opportunities that may be brought by the Ethereum ETF and their overall confidence in the cryptocurrency market.
SEC
Binance
Cryptocurrency Market
Spot Ethereum ETFs
Whale Moves