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Home»ETHEREUM NEWS»Here’s how these whales are taking advantage of the ETH rally:
ETHEREUM NEWS

Here’s how these whales are taking advantage of the ETH rally:

By Crypto FlexsFebruary 14, 20243 Mins Read
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Here’s how these whales are taking advantage of the ETH rally:
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In recent weeks, Ethereum has seen a notable rise in its market price, hitting one-month highs and showing growing demand for the asset. Amid these developments, Lookonchain, an on-chain analysis platform, exposed A notable strategy by the Ethereum whale that represents a bold stance on Ethereum’s future trajectory.

Strategic accumulation amid rising prices

According to Loookonchain, an unknown whale is actively increasing its Ethereum holdings by leveraging the Spark platform’s revolving lending feature. The Spark platform is a decentralized finance (DeFi) product that allows users to borrow stablecoins such as USDC or DAI based on their cryptocurrency holdings.

The investor leveraged the flexibility of revolving loans to strengthen his position on Ethereum, withdrawing 39,900 ETH worth approximately $99.5 million from major exchanges such as Binance, Bybit, OKEx, and Bitfinex.

Additional insights from Lookonchain suggest that this withdrawal of whales represents an ongoing strategy rather than an isolated event. Since the beginning of this month, whales have been steadily withdrawing ETH, reaching an average withdrawal price of $2,492, and have secured approximately 56.8 million DAI as loans on the Spark platform so far.

The whales are piling up. $ETH and it lasts a long time $ETH through revolving loan #flame!

Whale withdrew 39.9K $ETHFrom ($99.5M) #Binance, #bybit, #OKEx and #Bitfinex Since February 1, $56.8 million has been borrowed at an average price of $2492. $DAI from #flame.https://t.co/9EQSrwHnJD pic.twitter.com/6CydURt2pc

— Lookonchain (@lookonchain) February 13, 2024

While bold, this strategy highlights the optimism surrounding Ethereum’s potential growth, especially in anticipation of the upcoming altcoin bull market and growing interest in Ethereum-based investment products such as cash exchange-traded funds (ETFs).

Spotlight on Ethereum Spot ETF

The U.S. Securities and Exchange Commission (SEC) has not yet released an update on the already-filed spot Ethereum ETF applications, but asset manager Franklin Templeton recently jumped into the spot ETH ETF queue.

recent post James Seyffart, an experienced analyst at Bloomberg Intelligence, highlighted that Franklin Templeton has joined the ranks of the eighth company to apply for product approval in the cryptocurrency sector.

This follows submissions from Hashdex, BlackRock, Fidelity, Ark, and other prominent asset managers for Ethereum ETFs such as 21Shares, Grayscale, VanEck, Invesco, and Galaxy.

Here is the latest table of the different filers I have: pic.twitter.com/xCRRMwK76r

— James Seyff (@JSeyff) February 12, 2024

This development comes at a time when Ethereum has maintained positive momentum while closely tracking Bitcoin’s performance. The asset saw a surge of more than 10% last week and maintained this upward trend with a further gain of almost 1% in the last 24 hours.

This price-performance ratio has pushed Ethereum to its current trading value of $2,614 at the time of this writing.

ETH price is moving sideways on the 2-hour chart. Source: ETH/USDT on TradingView.com

Featured image from Unsplash, chart from Tradingview

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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