- Large ETH transfers follow the SEC closing its Ethereum 2.0 investigation.
- The Ethereum staking contract sees an inflow of funds after regulatory clarity.
- ETH price increases by 5%, reflecting positive market sentiment.
Massive Ethereum (ETH) transfers to and from centralized exchanges have followed a crucial regulatory development, stirring excitement within the crypto community.
Whale Alert, a blockchain tracking platform, highlighted these transactions in several posts on X (formerly Twitter). One report detailed the transfer of 16,000 ETH, valued at over $56.86 million, from the Binance exchange to the Binance Beacon Deposit address at 06:31 UTC today.
Etherscan data showed that after the 16,000 ETH inflow, the recipient address transferred the entire amount to the Ethereum Beacon Deposit Contract in multiples of 32 ETH. A total of 500 such transactions occurred in the last few hours.
These transactions followed closely after the SEC closed its investigation into Ethereum 2.0. This move indicates that the SEC will not pursue charges alleging that sales of ETH are securities transactions, particularly after the approval of Ethereum spot ETFs in May.
In other words, the Ethereum staking contract has experienced a fresh inflow of funds, coinciding with ETH gaining regulatory clarity which could positively influence the asset’s uptrend. Meanwhile, the 16,000 ETH transfer is not the only significant movement that has surfaced in the last few hours.
Whale Alert also reported the transfer of 12,373 ETH, valued at over $43.7 million, from an anonymous wallet to the OKX exchange at 09:12 UTC. Additionally, wallets associated with the U.S.-based exchange Coinbase collectively received 27,350 ETH, valued at over $94.5 million.
As of press time, ETH is trading at $3,531, reflecting an approximately 5% increase from its 24-hour low.
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