A new whale address has made a large transaction in which it sent out 36,000 Ether from Coinbase

The transaction, which is observed and disclosed by 0xScopescan, is worth around 127 million USD. The said whale address holder has not been revealed.

A new whale address withdrew 36K $ETH ($127M) from #Coinabase today

. Will this be related to a $ETH #ETF ? ?

address:https://t.co/SI9qnpX3zo

Follow @ScopeProtocol and @0xScopescan for more updates. pic.twitter.com/W881U79CKS

Institutions are quickly accumulating Ethereum following the approval of ETFs. According to trading patterns, crypto analyst Ali Martinez highlights that this buildup is bullish, aiming to propel ETH to cross $4,000.

As per an X post by Martinez, the number of Ethereum addresses with 10,000 or more ETH has risen by 3% in the last twenty-one days. This increase signals a spike in interest from large investors. Speculation regarding the approval of ETFs and the subsequent rise in the institutional buy-side were critical in propelling Ethereum prices in the earlier part of this year.

The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com/7qq5HgGP37

Whales and Market Activity

Spending by whales has been active in the cryptocurrency market, especially in acquiring Ethereum due to the approval of Spot Ethereum ETFs being one of the main driving forces. The first price surge occurred in February when, due to rumors of the SEC approving these ETFs, ETH surged over 83% to cross $4,000 for the first time since 2021.

Further court decisions in May boosted ETH to cross the $3,000 mark. Thus, institutional investors have been accumulating more Ethereum as the SEC has approved these ETFs. Data from Glassnode shows that within the last three weeks, the address holding 10,000 ETH or more has increased by around 1,000 addresses. Also, there is an increase in the mega-whale addresses, with 15 new addresses in the last 30 days.

Looking at on-chain metrics, it is observed that the amount of Ethereum held on centralized exchanges has gone down dramatically. Thus, due to the massive withdrawal,彙款至銀行戶頭 Ethereum is becoming scarce on these platforms. However, the ETH balance on centralized exchanges has now fallen to a level lower than the BTC balance, even though BTC is being actively彙款至銀行戶頭 in the Spot Bitcoin ETF wallets.

According to Glassnode data, only 10.56% of the total Ethereum supply is still stored on the most popular exchanges. These reductions of supply on exchanges are one of the key factors to explain recent market conditions and the stronger buying pressure. The consolidation of social sentiment for Ethereum after the Spot ETF approval indicates that investors’ interest is still high, aiding in the accumulation process.

?Exchanges are running out of #Bitcoin & #Ethereum!? #BTC: 11.73% ? #ETH: 10.56%

Ether continues to be scarcer on centralized exchanges than Bitcoin! pic.twitter.com/W7VAahlX0l

ETH Price Expectation amid Active Buying Pressure

The price of Ethereum continues to remain bullish as more whales and institutions are pouring money into the coin. At press time, ETH is trading at $3,491, down by 5.35% in the last one day. The buying pressure seems to be increasing, which is a positive sign, although there are still certain barriers that need to be broken through.

ETH/USD 1-day price chart (Source: CoinMarketCap)