60

In the aftermath of the recent approval of Bitcoin Spot ETFs by the Securities and Exchange Commission (SEC), the cryptocurrency market is abuzz with activity, particularly in the altcoin sector.

LookOnChain, a platform specializing in monitoring substantial on-chain crypto transactions, has brought attention to notable movements, particularly involving Ethereum (ETH) and Shiba Inu (SHIB) tokens.

LookOnChain’s recent findings reveal a significant accumulation of Shiba Inu (SHIB) tokens by a newly established whale wallet. This wallet acquired an impressive 136.86 billion SHIB tokens, equivalent to 1.38 million. Despite Bitcoin (BTC) recording a 9.78% increase and Ethereum (ETH) showing a 16.09% surge in the past month, SHIB experienced a more moderate increase of 4.86%. Over the last month, four whales collectively amassed 2.39 trillion SHIB tokens, valued at $24.15 million, from various exchanges, including notable transactions on Binance.

A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.

In the past month, $BTC has increased by 9.78%, $ETH has increased by 16.09%, while $SHIB has only increased by 4.86%.

And 4 whales have accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the past… pic.twitter.com/NKLz8AhGfV

— Lookonchain (@lookonchain) January 11, 2024

Simultaneously, the Ethereum market witnessed substantial movements, with major accumulations reported. Noteworthy transactions include 0xAA15 withdrawing 5,762 ETH ($15.06 million) from Binance and purchasing 50,733 ETH ($99.2 million) at $1,955 since September 19, 2023. Additionally, 0x9314 spent 7.29 million USDT to acquire 2,800 ETH, accumulating a total of 82,780 ETH ($150.3 million) at $1,816 since January 1, 2023.

The approval of Bitcoin Spot ETFs has triggered a surge in Ethereum prices, with a smart whale recently depositing 3,600 ETH ($9.28 million) into Binance. This particular whale, having withdrawn 42,800 ETH ($78.9 million) from Binance between May 8 and Aug 24 at $1,843, has since deposited 8,700 ETH ($20.56 million) at $2,364 since Nov 9. The whale currently holds 34,100 ETH ($87.8 million), resulting in a total profit of approximately $29 million.

The price of $ETH increased more than 10% today after the spot #Bitcoin ETF was approved

A smart whale deposited 3,600 $ETH($9.28M) into #Binance in the past 12 hours.

This whale withdrew 42,800 $ETH($78.9M) from #Binance between May 8 and Aug 24 at $1,843.

Then deposited… pic.twitter.com/4BjNfEVqvk

— Lookonchain (@lookonchain) January 11, 2024

As the crypto market anticipates a potential altcoin rally following the SEC’s approval of Bitcoin Spot ETFs, the strategic movements of these whales offer valuable insights into the evolving dynamics of the market. Investors and enthusiasts closely monitor these developments as the altcoin market gears up for potential upward movements.