Ethereum Whales Spend $31.88M in 1.5 Hours After Hong Kong ETF Approval

Following the approval of spot Bitcoin and Ethereum exchange-traded funds in Hong Kong,

activity has boomed again. The return of eight whales who had previously profited from Ethereum transactions, as detected by Spot On Chain’s AI Bot, has been remarkable. Those whales were busy purchasing more $ETH directly on the blockchain.

Shortly after Hong Kong approved spot #Bitcoin and #Ethereum ETF applications, our AI Bot detected 8 whales who had previously earned from $ETH returning to buy $ETH on-chain.

Together, they spent a total of $31.88M in $USDT and $USDC to purchase 9,787 $ETH at an average price… pic.twitter.com/u8dHuwxNBr
— Spot On Chain (@spotonchain) April 15, 2024

ETF Approval Energizes Ethereum Market

Within a short 1.5 hours, the eight whales spent a combined $31.88 million on USDT and USDC to purchase 9,787 ETH tokens. The average price per ETH token was roughly $3,257 at the time of purchase. The approval of Hong Kong’s Securities and Futures Commission’s

and Ethereum ETFs have injected fresh competition into the financial market.

It signals a dramatic shift from how investing in the area has been before it tosses the readers into the world of cryptocurrency. The approval of the Bitcoin and Ethereum spot opened up a new avenue for investors to trade the digital assets. Therefore, investors now have more competitive investment opportunities.

Ethereum Whales Signal Market Confidence Amid Hong Kong ETF Approval

The involvement of these whales in the Ethereum market indicates the increased interest and confidence in cryptocurrencies due to the recent regulatory approval in Hong Kong. The availability of spot ETFs for purchasing Bitcoin and Ethereum has paved the way for investors to acquire these digital assets using more reliable and monitored sources.

The sudden purchase obtained by whales indicates the immediate impact such regulatory decisions have on the market. This move also shows the sustained interests shared by investors in the possible growth of cryptocurrencies. Additionally, the recent event concerning the approval of spot Bitcoin and Ethereum ETFs in Hong Kong has significant implications for integrating cryptocurrencies into the traditional finance system.