- Market watches Coinbase as the deadline for Ethereum ETF approval draws near.
In a series of quick transactions, Coinbase Institutional, the premier brokerage division of the biggest cryptocurrency exchange in the United States, moved around 30,000 Ethereum (ETH) to multiple new wallets, totaling over $110 million.
The impact of impending rulings by the Securities and Exchange Commission (SEC) involving Ethereum-based exchange-traded funds (ETFs) may be affected by these transfers, according to rumors created by these transfers.
The five Coinbase Institutional payments, worth between $22 million and $23.2 million and totaling 5,925 to 6,229 ETH apiece, were made to wallets that were previously unidentified. This implies that institutional investors might be setting themselves up to profit from Ethereum ETF approval, which would give regular investors a new avenue to invest in the second-largest cryptocurrency.
By 10 p.m. EST today, the SEC is scheduled to approve or reject the VanEck Ethereum ETF (VETH), and by May 24th, the ARK Invest Ethereum ETF (AETH).
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
