Ethereum Statement Came from SEC: Whales Attacked!

The cryptocurrency market is facing exciting developments! While there is a festive atmosphere on the Ethereum front, the Bitcoin price is on a horizontal course. One of the reasons behind this situation is the surprise decision of the US Securities and Exchange Commission (SEC). The SEC announced that it has ended its investigation into classifying Ethereum as a security. Following this decision, the Ethereum price made a healthy jump of 5% and approached the level of $ 3,600 again. In fact, following the news, a valuable Ethereum investor purchased 5603 ETH.

Why did the SEC stop the investigation?

ETH software company ConsenSys questioned the SEC about the status of its investigation into Ethereum 2.0. The company requested clarification from the SEC on whether the spot Ethereum ETFs approved in May would result in the closure of the ongoing investigation. ConsenSys announced that it will continue its regulatory push to achieve greater regulatory clarity regarding its user interface software, MetaMask Swaps and Staking. For the company, this case emphasizes that clear rules are vital for the advancement of cryptocurrency technologies.

Whales collect Ethereum

Ethereum price, which has made a strong comeback from its weekly bottom point of $ 3,381, is attracting the attention of investors. While ICO investors have been selling ETH recently, other big players who want to collect the supply from the market have stepped in.

According to on-chain data provider Santiment, a valuable investor withdrew a total of 16,604 ETH (about $58.6 million) from the cryptocurrency exchange Binance in the last 19 days. This investor reportedly traded at an average price of $3,600. In an even more twisted form, this investor purchased another 5,603 ETH worth $19.7 million an hour after the SEC announced it had permanently suspended the investigation. These developments show that investors’ faith in Ethereum has been renewed.

Ethereum ETF excitement continues

A company called Bitwise has updated the S-1 registration form for its proposed Ethereum ETF following feedback from the US Securities and Exchange Commission (SEC). This update took place at a time when Bitwise and other companies were waiting for regulatory approval to list such products and process them. The updated S-1 document outlines the first funding steps of the Bitwise Ethereum ETF. Bitwise Investment Manager, LLC, a subsidiary of the company, will purchase Seed Baskets for $2.5 million, for a total of 100,000 shares at a price of $25.

The regulatory compliance process for the Ethereum ETF launch is quite complex. cryptokoin.com As we reported last month, the SEC took a step forward in the approval process by approving 19b-4 forms for eight Ethereum ETFs. However, these applicant companies, including Bitwise, must wait for their S-1 filings to go into effect before the process can begin.

Market expectations and forecasts

Analysts such as Bloomberg’s James Seyffart suggest that although the exact launch date of these ETF products is uncertain, there is optimism that approvals may occur before July 4. Ethereum price has fluctuated and recently fell 1.53% to $3,471. Despite this decline, the market price recorded a slight increase of 0.28%. This may indicate that investors have mixed feelings. On the other hand, it recorded a significant transaction volume increase of 16.68%.