The anticipation of the approval of Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has ignited excitement in the cryptocurrency market. Today, May 23, marks one of the final deadlines for the regulator to decide whether to give the green light or reject these products.
In the midst of this frenzy, Ethereum whales have started to make their presence known, with transactions reaching a peak recently. Data released by cryptocurrency analysis platform IntoTheBlock on May 22 revealed a significant increase in transactions involving ETH tokens valued above $100 on May 21, reaching the highest point since the end of March.
According to analysts, this surge in activity suggests that Ethereum whales are accumulating rather than selling. Large holders, with addresses holding more than 0.1% of the total supply, have shown the highest daily accumulation in over a month.
As of now, the price of Ethereum stands at $3,851.94, representing a 2.2% increase in the last 24 hours. Over the past week, ETH has seen a 25.9% price surge.
In a show of bipartisan support, a group of US lawmakers from the House Financial Services Committee has urged the SEC to consider approving spot Ethereum ETFs. Led by Representative French Hill, the letter emphasizes the significance of the SEC’s approval of spot Bitcoin ETFs in January and argues that approving the Ethereum ETFs would be a logical continuation and reinforce consistency in the SEC’s regulatory framework.
It’s important to note that the views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries inherent risks.
In other news, Fidelity has made modifications to its Ethereum ETF order by removing stakes. More details on this development are yet to be disclosed.