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In a significant move, 25,000 ETH have been transferred from an unknown wallet to the popular trading platform Robinhood. This substantial move, valued at nearly $92.1 million, has sparked significant speculation and discussion among investors and analysts.
The 25,000 ETH move was made in two transactions, indicating a purposeful and deliberate action. The wallet involved in the transfers was previously unknown, making it difficult to determine the funds' origin or owner.
Crypto data tracker Whale Alert has reported two transactions involving 12,500 ETH worth around $46 million each, which were moved from the same unknown wallet to Robinhood.
The reason behind the move remains unknown, but several speculations persist. An institutional investor or a large fund might be preparing to enter the Ethereum market through Robinhood. Institutional interest in cryptocurrencies has been on the rise, and such a significant shift could indicate preparation for substantial market activity.
Tomiwabold OlajideThe transfer could also be attributed to a crypto whale — an individual or entity holding large amounts of cryptocurrency. Whales often move their funds to exchanges when they plan to sell, trade or use them for other investment purposes.
The owner of the funds might be preparing for a strategic trading move while anticipating future price movements. Another explanation for the transfer might be to support Robinhood's liquidity needs.
Favorable indications of Ethereum ETF approval
The transfers coincide with favorable indications toward the approval of an Ethereum ETF in the U.S., adding further speculation to the move.
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) contacted at least one exchange and one potential spot-Ether ETF provider to amend associated 19b-4 filings. According to one of the sources, this could indicate that the chances of SEC approval are improving.
In the wake of the news, Ethereum surged over 14% on Monday, the steepest increase since November 2022, before adding to its gains to trade up 20% in the last 24 hours to $3,675 at press time.
Yuri Molchan
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