Whales Scoop Up $425M In Ethereum Amid Cathie Wood's Ark Invest Filing ETH/USD-Based ETF Proposal With SEC
Portfolio Pulse from Benzinga Neuro
Ethereum whales have reportedly purchased approximately 260,000 ETH, valued close to $425 million, within the last 24 hours. This large-scale buying activity comes during a pivotal time for Ethereum, as Cathie Wood-led Ark Invest, in collaboration with 21Shares, lodged a proposal to the Securities and Exchange Commission for an Ethereum ETH/USD-based ETF, named ARK 21Shares Ethereum ETF. The ETF is designed to provide investors with direct access to Ethereum and is set to be listed on the Cboe BZX Exchange.

September 07, 2023 | 4:08 am
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POSITIVE IMPACT
Ark Invest's filing of an Ethereum-based ETF could potentially attract more investors and increase its assets under management.
The filing of an Ethereum-based ETF by Ark Invest could potentially attract more investors who are interested in gaining exposure to Ethereum without having to buy it directly. This could increase Ark Invest's assets under management.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Large-scale buying activity and the filing of an Ethereum-based ETF by Ark Invest could potentially increase demand and price for Ethereum.
The large-scale buying activity indicates a strong demand for Ethereum. Additionally, the filing of an Ethereum-based ETF by Ark Invest could potentially attract more investors to Ethereum, further increasing its demand and possibly its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100