Whales Scoop Up $425M In Ethereum Amid Cathie Wood's Ark Invest Filing ETH/USD-Based ETF Proposal With SEC

Ethereum’s ETH/USD big buyers have reportedly acquired a massive 260,000 ETH in a 24-hour span, amounting to a hefty $425 million.

What Happened: On Wednesday, a post from crypto analyst Ali revealed that Ethereum whales had purchased approximately 260,000 ETH within the last 24 hours, valued close to $425 million. Ali’s post on X, formerly Twitter, can be seen here:

In a separate post, Ali said that Ethereum below $1,680 was a “cause for concern” as it might clear the path for a correction to the $1,200 level.

It should be noted that at the time of publication, Whalestats data indicated buy volume by top 100 ETH wallets at $184 million and sell volume at $214 million.

See Also: Riding The Crypto Wave: Weekly Trading Contests With Seasonal Tokens

Why It Matters: This large-scale buying activity comes during a pivotal time for Ethereum.

On Tuesday it was reported that Cathie Wood-led Ark Invest, in collaboration with 21Shares, lodged a proposal to the Securities and Exchange Commission for an Ethereum ETH/USD-based ETF, named ARK 21Shares Ethereum ETF. This ETF is designed to provide investors with direct access to Ethereum and is set to be listed on the Cboe BZX Exchange.

The buying spree follows the recent classification of Ethereum as a commodity by a New York court, in a case involving Uniswap. The lawsuit alleged that Uniswap had breached U.S. securities laws by operating as an unregistered exchange and offering securities without proper registration.

Photo by DrawKit Illustrations on Unsplash

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