According to data provided by cryptocurrency analysis platform Santiment, Ethereum whales have picked up more than 700,000 ETH tokens (approximately $2.45 billion) in the last three weeks.
According to data provided by cryptocurrency analysis platform Santiment, Ethereum whales have picked up more than 700,000 ETH tokens (approximately $2.45 billion) in the last three weeks.
Despite this wave of buying, Ethereum is struggling to regain its bullish momentum. The flagship altcoin is currently trading at $3,562 on the Bitstamp exchange after hitting an intraday low of $3,360 on June 14.
Earlier this week, CryptoQuant analyst ShayanBTC noted that Ethereum’s bearish trend could persist in the near future due to aggressive selling by futures traders.
It rose in tandem with Bitcoin on Wednesday on better-than-expected US inflation data.
Gamza KhanzadaevHowever, cryptocurrencies retreated along with other risk assets after some hawkish comments made by Federal Reserve Chair Jerome Powell questioned the possibility of several rate cuts this year.
Will Ethereum ETFs be a bullish catalyst?
Last month, the US Securities and Exchange Commission unexpectedly approved several Form 19b-4s for Ethereum exchange-traded funds (ETFs), sparking a major rally. On May 27, Ethereum nearly reclaimed the $4,000 level due to investor exuberance. However, this enthusiasm quickly dissipated as soon as market participants realized that the SEC had yet to approve the S-1 registration forms that would make it possible for these products to begin trading.
Mushumir to the fullestAs reported by U.TodaySEC Chairman Gary Gensler said final approval of Ethereum ETFs would take place later this summer during a recent congressional hearing.
That said, banking giant JPMorgan recently poured cold water on Ethereum ETFs, predicting that they would only attract modest inflows.
