16,604 ETH Grabbed on Binance as SEC Confirms Ethereum Is Not Security

The recent win of Ethereum over the U.S. Securities and Exchange Commission (SEC) has pushed ETH up by 4.9% over the past 24 hours. Taking advantage of that, a smart whale bought several tens of millions worth of ETH right after this victory was announced and withdrew them from Binance.

Big whale buys large ETH stash

As reported by the @spotonchain analytics X account, an anonymous large cryptocurrency whale transferred 16,604 ETH (worth an impressive $58.6 million) from the world’s largest crypto trading platform, Binance, over the past 19 days. The whale accumulated all of this Ethereum at an average price of $3,600 per coin.

His most recent purchase was to buy 5,603 ETH (the equivalent of $19.7 million) several hours ago. This accumulation took place after the SEC permanently dropped its investigation into Ethereum 2.0.

SEC's Ethereum 2.0 investigation closed

Earlier today, Consensys lab, created by Ethereum cofounder Joseph Lubin, announced a major win for Ethereum devs and the entire cryptocurrency space as the Enforcement Division of the SEC notified the team that the regulator finally closed its investigation into Ethereum 2.0.

This signifies that the regulator will not officially slam Ethereum as a security. This decision to shut down the case, according to the Consenys X thread, came as a response to the letter sent to the SEC on June 7, in which the team asked for confirmation that the approvals of the spot Ethereum ETFs made by the SEC in May meant that the investigation would be closed.

This decision is vital for Ethereum, the tweet states. However, it is not a solution for the rest of the numerous blockchain developers, tech providers and other participants in the cryptocurrency industry, who have suffered under the “SEC’s unlawful and aggressive crypto enforcement regime.”

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Ethereum jumps almost 5%

Fueled by the SEC regulator’s decision, the second largest cryptocurrency, Ethereum, demonstrated a substantial price increase, going up by 4.88%.

This rise came after the 6.69% decline that took place earlier this week. Ethereum has thus far recovered, but that 5% rise was followed by a marginal pullback of less than 1%. At the time of this writing, Ethereum is changing hands at $3,541.