Despite Ethereum’s poor performance year-to-date, Coinbase analysis suggests a bullish outlook for the second half of 2024. The potential approval of an ETH SPOT ETF, which has a 30% to 40% chance of passing, is a significant factor. 

Even if the ETF is rejected, there is a high likelihood of a lawsuit overturning the decision, providing further optimism for Ethereum’s future.

2024.04 杠杆做多 $ETH 亏损 400 多万美金的巨鲸在过去 24 小时内已杠杆买入 5043 枚 ETH（还有 3400 枚 ETH 本金），总价值 2635 万美金

目前健康度仍维持在 1.24，已抵押 8,454 枚 ETH 并借出 1750 万枚 USDT；钱包地址 https://t.co/zYb4luH9vV https://t.co/XyszypU5T9 pic.twitter.com/443K0Wy0J3

— Ai 姨 (@ai_9684xtpa) May 18, 2024

Currently trading above the $3,000 mark, Ethereum has seen substantial activity from major investors. 

On-chain data reveals that a whale, who has previously lost over $4 million, leveraged to purchase 5,043 ETH (including a 3,400 ETH principal) in the past 24 hours, totaling $26.35 million. 

This investor’s health level remains stable at 1.24, with 8,454 ETH pledged and $17.5 million USDT borrowed.

Ethereum Whale Withdraws Significant Amount From Gemini

In a notable transaction, a new wallet created over 27 hours ago withdrew 1,870.68 ETH (worth $5.7 million) from Gemini. The wallet owner then used these funds to buy 6 million ONDO tokens at an average price of $0.95 within the past few hours.

Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH($5.7M) from #Gemini.

Then he spent the 1,870 $ETH($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.

Does this guy know something that we don’t?https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw

— Lookonchain (@lookonchain) May 17, 2024

The increased whale activity and significant transactions indicate growing confidence in Ethereum’s potential. 

As the market anticipates the outcome of the ETH SPOT ETF decision, these large-scale movements suggest that investors are positioning themselves for a possible bullish trend in the coming months. 

The combination of regulatory developments and substantial on-chain investments highlights Ethereum’s resilience and potential for a strong performance in the second half of 2024.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: niphonsubsri/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 19, 2024 4:57 am