Whales load up on Ethereum in anticipation of ETF approvals: Coinbase Institutional shifts $110M

Coinbase Institutional, the prime brokerage arm of the largest US crypto exchange, has transferred nearly 30,000 Ethereum (ETH), worth over $110 million, to several new wallets in a series of rapid transactions.

🚨 6,229 #ETH (23,233,261 USD) transferred from Coinbase Institutional to unknown wallethttps://t.co/AiJH2KCWu9

— Whale Alert (@whale_alert) May 23, 2024

These transfers have sparked speculation about the potential impact of upcoming decisions by the Securities and Exchange Commission (SEC) regarding Ethereum-based exchange-traded funds (ETFs).

The five transfers from Coinbase Institutional, ranging from 5,925 to 6,229 ETH each and valued between $22 million and $23.2 million, were sent to previously unknown wallets. This suggests that institutional investors may be positioning themselves to capitalize on the potential approval of Ethereum ETFs, which would provide mainstream investors with a new way to gain exposure to the second-largest crypto.

The SEC is set to approve or deny the VanEck Ethereum ETF (VETH) by 10 pm EST today and the ARK Invest Ethereum ETF (AETH) by May 24th.

Whales load up on Ethereum in anticipation of ETF approvals: Coinbase Institutional shifts $110M

Market eyes Coinbase as Ethereum ETF approval deadline approaches.