Ethereum Whale Moves $500,000 After 8.5 Years
If you are an Ethereum enthusiast, you may be surprised to learn that a dormant Ethereum whale has reemerged after sitting idle for more than eight years and moved 200 ETH, approximately worth $500,000.
An Expected Launch of Spot Ether ETF
When the whale first received its funds eight and a half years ago, the price of Ethereum was trading between $0.42 and $1.31. The resurfacing took place after a dramatic appreciation in the value of its tokens between 200,000% and 600,000%.
Spot Ether ETF Filing in the U.S.
Evidently, the price of Ethereum has surged amidst expectations of a spot Ether exchange-traded fund (ETF) launch following the historic approval of spot Bitcoin ETFs in the United States. Major firms such as Ark 21 Shares, VanEck, and BlackRock have already filed to list spot Ether ETFs in the U.S.
Approval of Spot Cryptocurrency ETFs
There is a rising market consensus that the approval of spot cryptocurrency ETFs could attract more retail and institutional investors. Such funds allow exposure to the underlying asset without the complexities of centralized exchanges or managing private keys of crypto wallets.
Ethereum Price Surge
Based on recent market performance, Ethereum has seen a significant price rise, signaling optimism regarding the potential approval of spot Ether ETFs. This appreciation also follows Vitalik Buterin’s defense of the network’s gas limit in the blockchain system.
Vitalik Buterin Seeks to Increase Gas Limit
Vitalik Buterin, Ethereum’s co-founder, suggests the necessity to raise the Ethereum gas limit from 30 million to about 40 million. His proposal aims at maintaining the network’s stability and performance. Buterin also emphasized the record-stability of the gas limit over the past three years as a notable achievement for Ethereum.
Hot Take
Ethereum faces potential future upside amid rising expectations of the approval of spot Ether ETFs in the U.S. Meanwhile, the blockchain is on the verge of enhancing its transaction throughput by increasing the gas limit, adding further value to the platform’s functionality and stability.
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