Ethereum set to launch ETF, how will it perform this week?

The options market seems to be pointing to the upside in terms of price action. Lin Chen, business development manager for Asia at crypto options exchange Deribit, said: "An anonymous trader bought an ETH call option expiring in late September (strike price $3,400) and simultaneously sold an ETH call option expiring in late September (strike price $4,400).

In total, the trader paid a premium of $73.8 million, totaling 2,500 ETH. The trader will profit if the price of ETH exceeds $3,700 at the end of September," said the trader, analyzing a typical investment by traders who believe Ethereum's price is on an upward curve.

Looking at the deposit/withdrawal data of Ethereum whales, crypto on-chain analyst ai_9684xtpa noted, "In the last four hours, a specific new whale wallet starting with '0x6a5' withdrew a total of 6,215 ETH from Coinbase in four separate transactions. This is an estimated $21.1 million in value, with an average price of $3,414 at the time of the withdrawals." "ETH is up about 4% in the last 24 hours and has briefly regained the $3,500 level. Not a bad start to July."

The good news is that project founders' holdings don't seem to be that large. "Ethereum (ETH) creator and co-founder Vitalik Buterin's on-chain net worth is estimated to be around $834.66 million ($1.1535 trillion)," blockchain analytics platform ARKM Intelligence reported via its official channels. He has a portfolio comprised primarily of ETH and is the largest individual holder of ETH, but his stake has never exceeded 0.9% of the total supply of ETH."

Vitalik entered the cryptocurrency market in 2011 when he co-founded Bitcoin Magazine. He came up with the idea of Ethereum in 2013 to overcome Bitcoin's limitations, and when Ethereum debuted in 2015, he received a portion of the initial supply, building his wealth. His known ETH holdings to date are around 245,279 ETH, and as the price of ETH fluctuates, so does the value of his dollar-denominated assets. At one point in 2015, his supply-to-holdings ratio was as high as 0.91%, but his ETH holdings have been declining every year, with his share of the supply hovering around 0.9%."