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Market eyes Coinbase as Ethereum ETF approval deadline approaches.
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.
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