JAKARTA - The global crypto industry is now awaiting approval from Spot Ethereum ETF trading from the United States Securities and Exchange Commission (SEC). Speculation previously stated that approval would be granted on July 15, but has yet to be realized.
Whale Ethereum Starts Active
Ahead of the possible trading approval of Spot Ethereum ETF, a number of previously inactive "whale" Ethereum wallets began to show significant movement. These Ethereum owners moved their holdings to new wallets on various exchanges.
On-chain data from Spot On Chain reveals that Ethereum's two "whole" from the Initial Coin Offering (ICO) era moved 3,631 ETH to the Kraken exchange. The total value of the ETH is around US$12.5 million (Rp187.5 billion) at the time of transfer. 0xdb3-labeled wallets sent US$2,631 ETH worth US$9.01 million (Rp135.15 billion), while the 0xbf5 wallet delivered US$3.46 million worth of ETH (Rp51.9 billion).
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The 0xdb3 wallet has not only issued 2,631 ETH recently. Over the years, this wallet received Ethereum from the Ethereum Foundation and ICO participants 0xAb0. Since June 8 until now, a total of 17,886 ETH worth 65 million US dollars (Rp975 billion) has been sent from this wallet to various Central Exchanges (CEX).
Meanwhile, Ethereum in other "whole" wallets came from ICO participants 0x510. The wallet owner originally acquired 100,000 ETH during the Genesis event in 2015. After many transfers, including the latest movement of 1,000 ETH, the wallet still holds 49,000 ETH. Based on current market value for 1 unit of Ethereum of 3,494.30 US dollars (IDR 52.41 million) with an increase of 2.31% in the last 24 hours, this total ownership is worth around 171.2 million US dollars (IDR 2,568 trillion).
New Hope On July 23
Although the trading approval of Spot Ethereum ETF has not been granted on July 15, the crypto industry is still hoping for a new date, July 23. Ethereum's movement by these "hales" may reflect their concerns about market volatility and possible downward trends.
However, a number of analysts are optimistic about the potential price increase of Ethereum, which is estimated to reach $4,500. If the Spot Ethereum ETF trade is properly approved, this altcoin may experience further increases.
A number of market observers even argue that Ethereum has the potential to outperform Bitcoin in the long term. However, there is also the possibility of price stagnation or the phenomenon of "sell the news" after the official approval is announced. Currently, all eyes are on the final decision of the SEC regarding Spot Ethereum ETF.
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