In a circulation that has intrigued the cryptocurrency neighborhood, a staggering 7,000 Ethereum (ETH) has been transferred to Robinhood, the usual stock brokerage app, upright as Ethereum’s stamp soared past the $3,000 designate.
Ethereum, the 2nd-finest cryptocurrency by market capitalization, has step by step risen since recovering from a low of $2,862 on May perhaps well additionally 15. The upward thrust persisted, with Ethereum’s stamp surpassing the psychological barrier of $3,000.
On the time of writing, ETH became as soon as up 3.14% in the final 24 hours to $3,131, having previously reached intraday highs of $3,148.
Crypto details tracker Whale Alert reviews that 7,000 ETH payment $21,630,557 became as soon as transferred from an unknown pockets to Robinhood. This big switch has ended in speculations relating to the motivations and likely impact in the marketplace.
🚨 7,000 #ETH (21,630,557 USD) transferred from unknown pockets to #Robinhoodhttps://t.co/FSL5ryWunY
— Whale Alert (@whale_alert) May perhaps well additionally 17, 2024
The switch in total is a precursor to the next market play, with investors positioning themselves as the Ethereum ETF decision approaches.
One other idea is that a whale or neat holder will likely be leveraging Robinhood’s platform for buying and selling or custodial functions, provided that one in every of the reasons tokens are moved to exchanges is to promote them. A believable clarification may well very well be that the switch is intended to bolster liquidity on Robinhood’s platform. With out reference to all of this, the categorical motive for the circulation remains unknown.
Ethereum ETF decision looms
Following months of silence, the U.S. SEC is expected to whine on at the least one application for an ETF that invests straight in Ethereum by next week. After delayed judgments on fund applications for a whole lot of months, the SEC has a May perhaps well additionally 23 closing date to approve or scream VanEck’s application.
Primarily based utterly on Bloomberg, who cited anonymous sources accustomed to the topic, some fund firms effort a rejection because their internal most conversations with the SEC possess no longer been as sturdy as they had been prior to the approval of reveal-Bitcoin ETFs in January.
A denial may well merely in the end lead to a lawsuit. Grayscale Investments’ August court docket victory in its fight against the SEC internet page the stage for the January approval of reveal Bitcoin funds.
