- Top Proof of Stake blockchain Ethereum enters $3,000 upon a 35% monthly bull run.
- Multibillionaire crypto mogul Justin Sun now owns more ETH than Vitalik Buterin.
- BlackRock and Fidelity were named as top contenders for Ether ETF by crypto enthusiasts.
Cryptocurrency whales have been spotted making big moves on-chain as Ethereum (ETH) soared past $3,000 for the first time since April 2022. One of them is the famed crypto mogul Justin Sun, who equipped his decentralized crypto wallet with an additional 13,780 ETH yesterday.
Valued at $41.24M at stamped transaction time, this withdrawal from Binance sums up his thirteen-day buying spree of 168,369 ETH, equal to $487 million. Bought at an average price of $2,879, this acquisition move was completed two days before ETH broke through $3,000 and held above the key support level on its third attempt in a week.
The aforementioned wallet has been topped up three times since February 19, 2024, adding 54.721 ETH, 10.136 ETH, and 12.702 ETH. Sun’s accumulation tactics raised some eyebrows among crypto enthusiasts on X, the confusion portrayed in Satoshi Club’s question: “What does he know?”
Ethereum Displays Similar Signs to Pre-ETF Bitcoin
As speculation regarding the upcoming ETH exchange-traded fund intensifies, crypto traders spot similarities between Ethereum’s 35% monthly bull run and Bitcoin’s (BTC) price performance before the landmark Bitcoin ETF approval on January 10, 2024.
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Professional crypto trader ImNotTheWolf highlighted the chances of incoming buying pressure for Ethereum based on the newly set all-time high in Open Interest (OI). The OI metric shows how many traders are indulged in Derivatives trading, placing short or long positions on ETH’s price.
Crypto Twitter also shares gossip about BlackRock and Fidelity, two highly successful BTC ETF issuers, topping up their crypto balances with Ethereum. Most crypto aficionados see BlackRock as the top contender, as the digital asset management enterprise has a nearly-perfect record of 571 ETF approvals out of 572 attempts.
On the Flipside
- The U.S. Securities and Exchange Commission (SEC) has previously raised concerns over the theoretical centralization of Ethereum’s Proof of Stake (PoS) chain.
- The SEC will decide on the inaugural Ethereum ETF by May 23, 2024.
Why This Matters
Ethereum, the largest Proof of Stake blockchain, has proven to be a digital asset with sustainable growth, returning 90% gains in a 365-day frame.
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