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Ethereum Rises as Alameda Company Transfers $14.75M to Coinbase

Ethereum's recent 8% surge has lit up the cryptocurrency ecosystem, marking its biggest increase in over a month. The jump is linked to speculation about possible US exchange-traded funds (ETFs), which have sparked intense debate among members of the cryptocurrency community. Yesterday Monday, Ethereum outperformed major digital assets such as Bitcoin.

Is Alameda Research Considering Selling $14.75 Million worth of Ethereum?

At the time of writing this report, it is reported Ethereum Price $3,680. It is up 62% since the start of the year, which is equivalent to Bitcoin's 68% rise.

Recently, It has been reported The fact that Ethereum ETF supporters have engaged with the U.S. Securities and Exchange Commission (SEC) indicates a change in the regulatory atmosphere.

The usually cautious SEC showed openness in approving Bitcoin spot ETFs after overturning the court's decision last January. Since then, these ETFs have attracted $59 billion in assets, demonstrating the market potential for regulated crypto investments.

👈Read more: Ethereum Price Forecast in 2024

Additionally, Ethereum's performance has led to speculation of an imminent rally. Heavyweights like BlackRock and Fidelity have filed for Ethereum ETFs. The SEC's final decision, however, remains uncertain.

However, ETF analyst Eric Balchunas expressed skepticism, citing the SEC's reluctance to comment on ETF applications. This caution reflects broader market sentiment, with only a 16% chance of immediate approval of Bitcoin ETFs by the May deadline, according to Polymarket estimates.

"Interesting, sure, but our chances don't change. As we said, we need the SEC to provide comments on the filings (the 'treasury notes' he mentioned) and that doesn't change. 'hasn't happened yet, even though she hasn't provided anything.' He said Balchunas.

Chances of Ethereum ETF being approved by May
Chances of Ethereum ETF approval by May. Source: Polymarket

Large Ethereum accumulations by cryptocurrency whales

Additionally, large accumulations of Ethereum by cryptocurrency whales have been reported. Before the rally, more than $35 million worth of Ethereum had been scooped up by cryptocurrency whales. Which pushed the price above $3,400 on Monday.

Alameda Research, linked to the bankrupt FTX exchange, has been active in the Ethereum market taking advantage of the pump. indicate Spot On Chain reports a notable deposit of 4,000 ETH ($14.75 million) by Alameda on Coinbase, the largest since the February peak.

The move to centralized exchanges indicates that the cryptocurrency company may intend to sell Ethereum. She remains governor of Alameda Research keep He has significant Ethereum assets, holding $64 million in Wrapped Ethereum (WETH) and Ethereum.

I have explained Spot On Chain: “Since February 1, 2024, FTX and Alameda have deposited approximately 21,650 ETH into Coinbase at an average price of $3,343 ($72.4 million), most of them before the price drop.

👈Read more: Latest Ethereum (ETH) price analysis from BeInCrypto

The cryptocurrency company's action creates a complicated situation for Ethereum. The coming period is crucial, as potential regulatory approvals and market movements are poised to significantly shape Ethereum's trajectory.

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