Global Fintech company Elwood Technologies recently made significant Ethereum (ETH) transactions involving Binance. This has sparked conversations within the community about how this strategic movement can impact the Ethereum market.
On July 11, blockchain tracking firm Lookonchain announced the transaction amounts made by Elwood on its X (Twitter) page. It confirmed that the global company deposited 26,811 ETH into its Binance wallet in the last three days, roughly valued at $83 million. At the same time, the company transferred 24,463 ETH, worth approximately $76 million, out of the same wallet.
The closely followed activities have created speculations in the crypto space about suspected market manipulations. It is well-known that big movements from major firms like Elwoods can significantly influence any investor’s decisions. Plus, it can directly impact ETH’s price action.
Another analytics platform, Spot On Chain, cited an unknown investor who moved 16,449 ETH, valued at approximately $51 million, from its Binance wallet. However, the investor moved the coin to a different wallet and is HODLing it there. This is most likely due to the promising news that the ETH ETF is going live soon, which could lead to a bullish run and bring hope for the market’s future.
Spot Ethereum ETF launch date draws near
According to industry experts, the first spot ETH ETFs (Exchange-Traded Funds) will be introduced by July 18, 2024. With this new introduction, the potential for the ETFs to create an upward price reaction from Ethereum is noteworthy. This is especially due to the limited market liquidity and significant ETH currently held in various smart contracts.
Many investors in the crypto community anticipate this new development, as many analysts predict a price movement that can surpass the coin’s previous all-time highs. The coin’s current all-time high is $4,891, reached in 2021. According to TradingView data, ETH is currently at $3140, an increase of 1.28% in the last 24 hours.
As the Ethereum ETF launch date approaches, many eyes watch and hope for the coin’s predicted bull run.
