Optimism in the cryptocurrency market seems to be returning at great speed, as demonstrated by the impressive increases in recent months.
After Bitcoin dragged the sector, Ethereum's time now seems to be coming, thanks largely to ETF requests from BlackRock and Fidelity on ETH Spot.
The whales did not stand by and watch, as might be expected, in particular there are around 200 whales who own around 125 billion dollars in ETH which is equivalent to around 62.76 million ETH (52% of the ETH in circulation).
The analysis platform Santiment has shown how whales have undertaken an accumulation phase which led them to increase the amount of ETH held by 30.3% compared to November 2022.
Furthermore, approximately 94.7k new ETH wallets were created yesterday alone, the highest number seen since July.
In the meantime, a significant increase in open interest on Ethereum is recorded, i.e. the sum of the value of all futures contracts that have not yet been closed or liquidated. Open interest is an important indicator of market sentiment and in this case, an increase in open interest indicates that investors are more optimistic about the future of ETH's price.
Naturally, the accumulation of Whales does not give guarantees on the price increase of Etherem, however it is a very positive signal in the long term.
The news of the request for approval of the Spot ETF on ETH by BlackRock and Fidelity has certainly created hype and as we understand, it will be very difficult for the SEC to deny anything to global giants like these two investment funds.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Nexo and Nexo Card (Earn crypto at the highest rates, get 2% cashback on your purchases and receive 25$ when you register and deposit 100$)
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
Cointiply (earn 20/100$ each month without cash investment)
