Ethereum
Mysterious 7,000 ETH transfer to Robinhood as Ethereum exceeds $3,000
Tomiwabold Olajide
The US SEC is expected to rule on the Ethereum ETF next week, adding to speculation surrounding ETH.
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In a move that has intrigued the cryptocurrency community, a staggering 7,000 Ethereum (ETH) was transferred to Robin Hoodthe popular stock brokerage app, just as Ethereum’s value surpassed the $3,000 mark.
Ethereum, the second-largest cryptocurrency by market capitalization, has been rising steadily since recovering from a low of $2,862 on May 15. The rise continued, with Ethereum price surpassing the psychological barrier of $3,000.
At the time of writing, ETH was up 3.14% over the past 24 hours to $3,131, after hitting an intraday high of $3,148.
Crypto Data Tracker Whale alert reports that 7,000 ETH worth $21,630,557 was transferred from an unknown wallet to Robinhood. This substantial transfer has given rise to speculation about the motivations and potential impact on the market.
The move could be a precursor to a broader market play as investors position themselves as the Ethereum ETF decision approaches.
Another theory is that a whale or large holder could exploit Robinhood’s platform for trading or custody purposes, given that one of the reasons tokens are moved to exchanges is to sell them. A plausible explanation could be that the transfer aims to strengthen liquidity on the Robinhood platform. Despite all this, the exact reason for this decision remains unknown.
Ethereum ETF decision looms
After months of silence, the US SEC is expected to rule on at least one application for ETFs investing directly in Ethereum by next week. After several months of delays in rulings on the fund requests, the SEC has until May 23 to approve or deny VanEck’s request.
According to Bloombergwhich cited anonymous sources familiar with the matter, some fund firms fear rejection because their private conversations with the SEC have not been as robust as they were before spot-Bitcoin ETFs were approved in January.
A refusal could potentially lead to prosecution. Grayscale Investments’ August legal victory in its fight against the SEC paved the way for January’s approval of Bitcoin spot funds.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.