Ethereum price surpasses $3,000 as 7,000 ETH mysteriously transferred to Robinhood

Welcome to the latest buzz in the world of cryptocurrency! A massive 7,000 Ethereum (ETH) has made its way to Robinhood, the well-known stock brokerage app, at a time when Ethereum’s value has surged past the $3,000 mark.

Ethereum, the second-largest cryptocurrency in terms of market capitalization, has been on a steady incline since bouncing back from a low of $2,862 on May 15. The upward trend continued, with Ethereum’s price crossing the significant milestone of $3,000.

As of now, ETH has risen by 3.14% in the last 24 hours to $3,131, with previous highs reaching $3,148 during the day.

According to the crypto data tracker Whale Alert, a staggering 7,000 ETH valued at $21,630,557 was transferred from an unidentified wallet to Robinhood. This substantial transaction has sparked discussions regarding the motives behind it and its potential impact on the market.

Speculations are rife that this transfer could be a strategic move in anticipation of the upcoming Ethereum ETF decision, with investors positioning themselves accordingly.

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Another theory making the rounds is that a whale or a large holder might be utilizing Robinhood’s platform for trading or custodial purposes, as tokens are often moved to exchanges for trading purposes. It is speculated that this transfer could be aimed at enhancing liquidity on Robinhood’s platform. However, the exact reason behind the transfer remains shrouded in mystery.

Anticipation builds for Ethereum ETF decision

After months of anticipation, the U.S. SEC is set to make a decision on at least one application for an ETF directly investing in Ethereum by the coming week. Following delays in judgments on fund applications for several months, the SEC faces a deadline of May 23 to approve or reject VanEck’s application.

According to Bloomberg, sources familiar with the matter, albeit anonymous, have reported that some fund companies are apprehensive about a potential rejection, citing less robust interactions with the SEC compared to the conversations preceding the approval of spot Bitcoin ETFs in January.

A denial could potentially lead to legal action, following Grayscale Investments’ successful legal battle against the SEC in August, paving the way for the approval of spot Bitcoin funds in January.

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