Whale Transfers $25 Million in Ethereum Off Exchanges

By Ben Knight May 22, 2024 In ETF, Ethereum, Investing

  • An anonymous investor has moved US$25m worth of ETH from their Coinbase account to an unknown wallet.
  • The move comes as fortunes may be changing for the potential approval of a spot Ether ETF.
  • Most pundits believed an Ether ETF was set to be rejected later this month.
  • However, a shift in sentiment means that some analysts believe there’s a 75% chance for the Ether ETF to be approved in the coming weeks.

Last night, for whatever reason, I felt the urge to trawl through YouTube to listen to several minutes of the haunting Humpback Whale song. (If you’ve never heard them, I highly recommend it). It turns out this desire was something of a premonition – forecasting whale activity of a different kind.

That’s right, the seas have calmed and we’re back with more whale watching.

Related: ETH Prices Rally as ETF Rumours Swirl; Analysts Boost Approval Odds from 25% to 75%

ETH ETF May Spur More Whale Activity

Last night, as I fell asleep to the sounds of our cetacean friends, another whale was singing their song – to the tune of US$25m (AU$37.5m). An unknown investor moved an impressive 6,649 ETH from their Coinbase account to an anonymous wallet. 


Of course, the simple story here could be the trader wanted to move a significant portion of their portfolio into self-custody. As we saw with the collapse of FTX in 2022, keeping large amounts of crypto on a centralised exchange can be a little risky. 

It’s possible that a high-net-worth individual wanted to make a splash in the crypto scene and picked up a lump sum of ETH on the back of some positive ETF news. The past few months has seen the industry pretty downtrodden, with most expecting the SEC to reject spot Ether funds sometime this week, following several delays and ambiguous statements.

However, according to Bloomberg analyst Eric Balchunas, the United State’s financial regulatory power may have backflipped. Nobody can know for sure why, however, it appears the SEC wants to avoid becoming the bad guys throttling crypto innovation as regulation of digital assets becomes a huge talking point for the 2024 US election. 

The change in sentiment has seen the price of Ether run the past week, up 30% to US $3,790 (AU$5,683).

Ethereum (ETH), 7-day graph, source: CoinMarketCap

We all saw what happened when BTC spot ETFs were approved. So could this whale simply be anticipating a new ATH for Ethereum in the coming months? 

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Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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