As the trading start of the ETH ETF nears, institutional interest in Ethereum is set to rise. On-chain reports indicate significant accumulation of Ethereum ecosystem tokens by whales and institutions.
A recent activity highlights aavebank.eth withdrawing a substantial amount of tokens from Binance, including 21,027 $AAVE ($1.98M), 205,493 $UNI ($1.62M), 446 $ETH ($1.37M), 102,313 $LINK ($1.28M), and 20,797 $ENS ($534K) just three hours ago.
Whales/Institutions are accumulating #Ethereum ecosystem tokens.
aavebank.eth withdrew 21,027 $AAVE($1.98M), 205,493 $UNI($1.62M), 446 $ETH($1.37M), 102,313 $LINK($1.28M), and 20,797 $ENS($534K) from #Binance 3 hours ago.
Whale"0x345f" withdrew 508,001 $PENDLE($1.89M) and 1.08M… pic.twitter.com/e01bGmCtE0
— Lookonchain (@lookonchain) July 12, 2024
Additionally, Arca’s sub-wallet (icrypto.ai/wallet/0x345ff…) with a total balance of approximately $14.5M has withdrawn assets worth $8.12M from Binance in the past 10 hours. The withdrawn assets include 507,996 $PENDLE ($1.83M), 1,081,122 $LDO ($1.72M), and 8,698 $BNB ($4.56M). Notably, this wallet had previously accumulated 8,599 $BNB ($5.32M) and deposited the entire amount three days before the all-time high on June 6.
Arca's sub-wallet (https://t.co/O4uHJFyAGq) with a total balance of ~$14.5M has withdrawn 3 assets worth $8.12M from #Binance in the past 10hrs, including:
– 507,996 $PENDLE ($1.83M)
– 1,081,122 $LDO ($1.72M)
– 8,698 $BNB ($4.56M)Notably, this wallet had previously accumulated… pic.twitter.com/3zHG4veTN1
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 12, 2024
These significant movements suggest that large investors are positioning themselves ahead of the anticipated rise in institutional interest following the ETH ETF launch. The accumulation of various Ethereum ecosystem tokens underscores the confidence in Ethereum’s growth and potential in the upcoming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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