CDS Crypto News Crypto News Today- Crypto Whales Move $3 Billion in Ethereum Off Exchanges After Spot ETF Approval
Crypto News

Crypto News Today- Crypto Whales Move $3 Billion in Ethereum Off Exchanges After Spot ETF Approval

40
Crypto News Today- Crypto Whales Move $3 Billion in Ethereum Off Exchanges After Spot ETF Approval

Spot Ethereum ETF Approval Triggers $3 Billion ETH Withdrawal by Crypto Whales

Crypto News– Significant activity has taken place in the crypto market following the preliminary approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

According to a recent analysis by CryptoQuant, unidentified entities have withdrawn over 800,000 Ethereum (ETH) from crypto exchanges, amounting to approximately $3 billion.

Investor Confidence Boosted by Surge in Ethereum Withdrawals

Burak Kesmeci, an analyst at CryptoQuant, suggests that these significant Ethereum withdrawals are likely initiated by either individual crypto whales or institutional investors. He speculates that the individual whales are anticipating a rise in ETH prices following the approval of a spot ETF. At the same time, institutional investors appear to be preparing for the launch of these ETFs.

Despite the anonymity of these transactions, the behavior mirrors the market reactions seen after the approval of spot Bitcoin ETFs.

Crypto News Today- Crypto Whales Move $3 Billion in Ethereum Off Exchanges After Spot ETF Approval
Crypto News Today- Crypto Whales Move $3 Billion in Ethereum Off Exchanges After Spot ETF Approval 1

The movement of such a large volume of ETH from exchanges usually indicates a preference for self-custodial platforms, leading to tighter supply conditions on crypto exchanges.

Kesmeci believes that these withdrawals will have a positive impact on Ethereum’s price in the medium term. The decrease in exchange-held ETH typically signals a future supply squeeze, which could drive prices higher as the availability of ETH diminishes.

FAQs

What prompted the $3 billion Ethereum withdrawal?

The $3 billion Ethereum withdrawal was prompted by the US Securities and Exchange Commission’s (SEC) preliminary approval of spot Ethereum exchange-traded funds (ETFs).

Who is believed to be behind these large Ethereum withdrawals?

According to Burak Kesmeci, an analyst at CryptoQuant, these withdrawals are believed to be initiated either by individual crypto whales or institutional investors.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Crypto News Today- Crypto Whales Move $3 Billion in Ethereum Off Exchanges After Spot ETF Approval

Leave a comment

Leave a Reply

Related Articles

Crypto News- Italy Plans Tighter Crypto Market Surveillance, Imposes Fines Up to 5 Million Euros

Italy is strengthening its oversight of risks associated with the cryptocurrency market.

Breaking Crypto News – Storm Partners Perspective: Exploring the Future of Crypto Investments with Bitcoin ETFs

Breaking Crypto News - Storm Partners Perspective: Exploring the Future of Crypto...

Crypto News- AI Crypto Race Sees $750 Million Inflow from VCs — Assessing the Top Performers

AI-linked crypto projects are surging ahead. But who are the beneficiaries of...

Bitcoin Miner Reserves Plummet to Lowest Levels in Over a Decade

Miners currently hold the smallest amount of Bitcoin on their balance sheets...