- Ethereum (ETH) ecosystem whales have started buying altcoins following the approval of ETFs.
- According to blockchain analytics platform Lookonchain, Ethereum users are purchasing Lido Dao (LDO), Aave (AAVE), Uniswap (UNI), Chainlink (LINK), and Ethereum Name Service (ENS).
- The approval of 19b-4 applications for spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has boosted market optimism.
Discover how Ethereum whales are reacting to the latest ETF approvals and what it means for the crypto market.
Ethereum Whales React to ETF Approvals
The recent approval of spot Ethereum ETF applications by the SEC has stirred significant activity among Ethereum whales. These large holders of ETH have begun diversifying their portfolios by acquiring various altcoins. This move is seen as a strategic response to the increased market optimism following the ETF approvals.
Altcoins in Focus: LDO, AAVE, UNI, LINK, and ENS
Blockchain analytics platform Lookonchain has reported that Ethereum whales are actively purchasing Lido Dao (LDO), Aave (AAVE), Uniswap (UNI), Chainlink (LINK), and Ethereum Name Service (ENS). The data reveals substantial acquisitions, including 82,040 ENS, 214,465 UNI, 19,771 AAVE, 872,702 LDO, and 65,541 LINK. This buying spree indicates a strong belief in the potential of these altcoins to perform well in the near future.
Market Optimism and Price Movements
The SEC’s approval of the 19b-4 applications for spot Ethereum ETFs has significantly boosted market sentiment. If the S-1 filings are also approved, these funds will be able to trade on the market, potentially attracting more institutional investors. CoinGecko data shows that the altcoins targeted by whales have already started appreciating in value following these investments, reflecting the positive market outlook.
Conclusion
The recent activities of Ethereum whales highlight the growing confidence in the crypto market following the SEC’s ETF approvals. By diversifying into altcoins like LDO, AAVE, UNI, LINK, and ENS, these large investors are positioning themselves to capitalize on the anticipated market growth. As the crypto landscape continues to evolve, these strategic moves by whales could signal broader trends and opportunities for other investors.
