Bullish Expectations Are Increasing in Ethereum: While Expecting ETF Approval from the SEC, Galaxy Digital Made a Remarkable ETH Move!

One of the issues that the market and investors are following these days is, firstly, the Bitcoin (BTC) halving and secondly, a possible spot Ethereum ETF approval in May.

At this point, some analysts state that the SEC may approve the ETH ETF in May, while others state that they are certain that the approval will not come in May, but may come within the year.

While the issue of ETH ETF approval remains unclear, the Ethereum move came from Galaxy Digital, the company of famous billionaire Mike Novogratz.

According to Lookonchain’s post, Galaxy Digital purchased a total of 26,000 ETH from leading cryptocurrency exchanges Coinbase Prime and Binance.

It was stated that the value of these withdrawn Ethereums was approximately 76.2 million dollars.

“On-chain data shows GalaxyDigital! has withdrawn 26K ETH ($76.2 million worth) from CoinbasePrime and Binance in the last 12 hours.”

On-chain data shows that #GalaxyDigital withdrew 26K $ETH($76.2M) from #CoinbasePrime and #Binance in the past 12 hours.https://t.co/oPJdrwWcwS pic.twitter.com/b80Lr2DqzM

— Lookonchain (@lookonchain) February 20, 2024

This ETH move, made by cryptocurrency supporter Novogratz’s company at a time when Ethereum ETF applications were on the agenda, increased investors’ expectations for an increase in the ETH price.

The demand for ETH is increasing these days. Because the giant whale, which has been accumulating Ethereum since the beginning of February, recently purchased a large amount of ETH from Binance.

*This is not investment advice.