As Ethereum ETF Approval Approaches, Whales Show Confidence in THESE 5 Altcoins
Major investors are showing a keen interest in altcoins such as ENS, UNI, AAVE, LDO, and LINK following the approval of an Ethereum ETF. On-chain crypto intelligence trackers have observed significant buying activity of these Ethereum-based tokens, indicating growing confidence among big investors. This surge in altcoin interest raises the question of whether it could challenge Bitcoin’s dominance and usher in an altcoin season.
Data from Lookonchain reveals that new whale wallets have been actively acquiring large amounts of altcoins from the centralized exchange Binance. For instance, one wallet created four days ago withdrew 82,040 ENS tokens worth $1.98 million, while another wallet withdrew 214,465 UNI tokens worth $1.97 million. These purchases reflect the positive outlook among investors following the Ethereum ETF approval.
The approval of the Ethereum ETF has had a notable impact on trading volumes within the Ethereum ecosystem, which surged by 16% in just 24 hours. This increase indicates heightened interest and activity from investors. Although some Ethereum tokens saw price increases, the market has not yet witnessed the explosive growth typically associated with an altcoin season.
Crypto analyst Dan Gamberdello views the SEC’s approval as bullish for altcoins, as it establishes Ethereum as a legitimate commodity. Another analyst, known as CryptoYoddha, predicts significant gains for altcoins in the coming weeks, attributing Ethereum’s strength and Bitcoin’s declining dominance as factors favoring altcoin performance.
In other news, Ethereum co-founder Vitalik Buterin has received 845,205 STRK tokens valued at around $1.07 million from Starknet’s Locked Token Grant contract. This grant highlights Buterin’s early support and ongoing involvement in Starknet, an Ethereum Layer 2 network aimed at enhancing scalability and efficiency. The distribution of tokens to key figures like Buterin aims to promote further innovation and adoption of Starknet within the Ethereum ecosystem.
Looking ahead, the altcoin market presents significant opportunities. Analysts anticipate that the aforementioned altcoins will outperform others, offering substantial returns for investors willing to seize the moment. It is important to research and invest responsibly when participating in the altcoin revolution.