Recently studies revealed that despite its performance, ether (ETH) is undervalued. Information that some major investors do not seem to take lightly as the short-term outlook for crypto appears to be improving.
Strong accumulation of ETH crypto in a bullish context
The ETH crypto is currently undergoing sustained accumulation which has pushed the price of the asset higher. Ether is currently trading around $1,735. Its price has increased by 2.53% over the last 24 hours and by 10% over the past week.
Behind this rise, the recognized crypto analysis platform Lookonchain points out the crypto activities of two whales. The first, identified under “whale0x7838”, notably withdrew 4,288 ETH from Binance.
This remarkable total of ETH, valued at approximately $7.2 million, the investor automatically staked. That is, he committed his funds to a decentralized finance (DeFi) protocol or other activity linked to the Ethereum blockchain.
0x4b7B, another newly created wallet, carried out a similar operation by withdrawing 9,530 ETH from the same platform. Cryptos worth a staggering $16 million.
These substantial crypto accumulations have had a positive effect on Ethereum’s total market capitalization. The latter reached a total of $206 billion, thus consolidating ETH’s position as the second fastest growing crypto on the market.
A dynamic linked to recent developments in the ETH market
This positive trend that ETH is experiencing is not a coincidence. Analysts believe that the recent decision by the Securities and Exchange Commission (SEC) to approve an Ethereum ETF played a major part in this.
In this context, Valkyrie Funds’ decision to integrate Ethereum ETFs with its existing Bitcoin futures ETF represents a step forward. Indeed, this is the first time that futures contracts based on Ethereum have been accessible to investors through an ETF.
It is believed that this development could strengthen market stability and inspire greater investor confidence. They can now participate in the performance of the Ethereum market through familiar and regulated investment instruments.
Currently, the eyes of the crypto community are on the potential approval of a Bitcoin ETF. A prospect which, if it materializes, would open a new page for the crypto industry, globally.
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