Here’s Why Crypto Whales Are Ditching Bitcoin for Ethereum (Should You Do the Same?)

Big news for Ethereum fans! The wait for a green light on Ethereum ETFs might finally be over.

The U.S. Securities and Exchange Commission (SEC) has ordered exchanges to quickly update their 19B-4 documents related to Ethereum (ETH) Exchange-Traded Funds (ETFs). This move significantly increases the chances of ETH ETFs getting approved, potentially marking a major milestone in the cryptocurrency market.

But what exactly does the SEC’s decision entail? And how are investors reacting to this potential turning point? You’ve got the questions and we’ve got the answers. Dive in.

Bullish Sentiment Hikes

As speculation grows about the potential approval of a spot Ethereum ETF, major investors, particularly prominent “whales,” are increasing their bullish positions on the world’s second-largest cryptocurrency.

Currently, Ethereum (ETH) is trading at $3,692, reflecting a 19.64% increase, with a market cap of $437 billion. Additionally, the daily trading volume for ETH has soared by an impressive 264%, exceeding $36.67 billion.

What Has the SEC Asked For?

This significant price surge happened after the SEC urged issuers to update their 19b-4 filings for a spot Ethereum ETF on Monday. Previously, market analysts were skeptical about the SEC approving a spot Ethereum ETF due to communication gaps between the SEC and the issuers.

However, recent developments have led analysts to dramatically increase the odds of a spot Ether ETF approval from 25% to over 75%, as highlighted in a tweet by crypto analyst Michael van de Poppe.

The first decision on the VanEck spot Ethereum ETF is expected by May 23, fueling ongoing price volatility. Positive news could push Ether’s price above $4,000.

Leaving Bitcoin Behind?!

Moreover, the ETH/BTC pair has been rising sharply, even during Bitcoin’s strong rally. Some major players have started converting their Bitcoin holdings into Ethereum.

Whales Make Bold Moves

Blockchain analytics platform Lookonchain reports that James Fickel, founder of the Amaranth Foundation, has recently borrowed 350 WBTC, approximately valued at $25 million, and exchanged it for 6,905 ETH.

his move shows his bullish outlook on the ETH/BTC trading pair and his confidence in Ethereum’s potential to outperform Bitcoin. To date, Fickel has acquired 2,741 WBTC ($150.3 million) through Aave, converting it into 50,693 ETH at a rate of 0.05408.

Tides Are Turning!

This positive shift in sentiment comes after months of expert skepticism regarding the approval, which had previously hindered Ethereum’s growth compared to Bitcoin.

Do you think Ethereum has the potential to outperform Bitcoin in the coming months? Share your analysis with us!