A significant acquisition of Ethereum on Binance by an unidentified crypto wallet owner has left the community in awe, as reported by Whale Alert, a leading tracker of large cryptocurrency transfers.
The transaction amounted to a staggering $240 million in ETH, drawing considerable attention and discussion within the crypto community. The mysterious whale subsequently withdrew 50,000 ETH from Binance to an unregistered wallet, valuing at approximately $192,569,042.
Ethereum Market Update: Significant Withdrawals Prompt Maintenance on Binance Amid SEC's Spot ETF Approvals
In a separate event, another substantial withdrawal of 10,000 ETH, valued at $39,768,424, occurred on the same platform earlier today. Binance, in response, alerted the cryptocurrency community about the temporary suspension of deposit and withdrawal operations with Ethereum starting from May 29 at 7:00 a.m. UTC, to facilitate maintenance on the Ethereum wallet.
Meanwhile, recent developments in the Ethereum market include the approval of spot Ethereum ETF filings by the U.S. Securities and Exchange Commission (SEC). These ETFs, submitted by companies previously filing for spot Bitcoin ETFs, have received preliminary approval, with the final decision expected in June.
ETH ETF Approval Impact: Insights from Michael Saylor as Ethereum Price Experiences Fluctuations
Prominent figures within the crypto space, such as Bitcoin maximalist Michael Saylor, anticipate positive outcomes from the approval of ETH funds, seeing it as a potential boon for Bitcoin. The Ethereum price surged by 19.45% to $3,690 three days before the ETF approval, maintaining a sideways trajectory between $3,700 and $3,820 thereafter.
Although ETH briefly touched a peak of $3,957, marking a 5.83% increase, it subsequently experienced a 3.56% decline. At the time of reporting, ETH is trading at $3,816, reflecting the ongoing fluctuations in the market.
In summary, while the Ethereum market undergoes significant transactions and regulatory developments, the community awaits further clarity on the impact of these events on the crypto landscape.