Ethereum (ETH), the second largest cryptocurrency by global market capitalization, is back in the spotlight of the crypto community after high ETH whale activity was noted.
The increase in ETH whale activity, including that of Justin Sun, has sparked speculative bullish sentiment in the Ethereum market, despite the asset's price showing a sideways trend over the past few days, CoinGape reported.
According to Lookonchain data published on X, wallet 0x4359, a wallet linked to Justin Sun, withdrew 15,389 ETH worth $49.78 million from Binance on April 24.
The report states that since April 8, Justin Sun has purchased a total of 147,442 ETH worth $469.9 million.
These accumulations by Justin Sun, combined with the growing activity of other ETH whales, contribute to the optimistic outlook for Ethereum's further price movement.
At the same time, Coinglass data shows a 0.39% decline in open interest in the token, resulting in a 2.88% decline in derivatives volume.
Also, the US Securities and Exchange Commission (SEC) has delayed its decision on BlackRock and Grayscale applications for a spot ETH ETF for 60 days, until June 23.
"The Commission believes that an extended period of time is appropriate before issuing an order approving or disapproving the proposed rule change, as modified by Amendment No. 1, so that the Commission has sufficient time to review the proposed rule change," the agency said.
The decision could have a negative impact on the price of Ethereum, as many in the community believe that the launch of spot ETH ETFs will help attract new capital to the market and drive up the price of the token.
At the time of writing, Ethereum was trading at $3,254, showing an increase of 2.53% in the last 24 hours.