Ethereum stakers and holders received encouraging news this week as reports surfaced of significant Ethereum withdrawals from crypto exchanges.
Over the past week alone, approximately $500 million worth of Ethereum was withdrawn from exchanges, contributing to a total outflow of $1.2 billion in Ethereum over the past month.
Notably, around 5.6% of all staked Ethereum has been restaked in eigenlayer, reflecting growing confidence among Ethereum holders.
$500M in Ethereum was withdrawn from crypto exchanges this past week.
$1.2B $ETH outflows over the past month. pic.twitter.com/9PqhPcSVE8
— Altcoin Daily (@AltcoinDailyio) February 5, 2024
Just 12 hours ago, a notable whale made waves in the crypto market by investing $20 million in USDC to purchase 4,242 Ethereum. This is valued at $10 million, priced at $2,358 per Ethereum, along with 231 Wrapped Bitcoin (WBTC) tokens worth $10 million at $43,375 each.
A whale spent 20M $USDC to buy 4,242 $ETH($10M) at $2,358 and 231 $WBTC($10M) at $43,375 11 hours ago.
The whale has bought a total of 13,843 $ETH($33M) at an average price of $2,388 and 461 $WBTC($19.88M) at an average price of $43,168 since Dec 21, 2023.… pic.twitter.com/k05r6uB3Du
— Lookonchain (@lookonchain) February 7, 2024
Massive 13,843 ETH Acquired Since December 2023
Since December 21, 2023, this whale has acquired a total of 13,843 Ethereum, amounting to $33 million, with an average purchase price of $2,388 per Ethereum, in addition to 461 WBTC tokens valued at $19.88 million, averaging $43,168 per token.
Speculation surrounding the potential approval of an Ethereum ETF continues to circulate, with the recent news of the SEC postponing its consideration of the Invesco Galaxy Ethereum ETF.
Bloomberg analyst James Seyffart noted that the delay was widely anticipated, with further postponements expected in the coming months. Seyffart emphasized that May 23rd holds particular significance for the Ethereum spot ETF decision, highlighting the importance of this date in determining the ETF’s fate.
SEC just delayed @InvescoUS & @galaxyhq's #Ethereum ETF. 100% expected and more delays will continue to happen in coming months.
The only date that matters for spot #ethereum ETFs at this time is May 23rd. Which is @vaneck_us's final deadline date pic.twitter.com/gkVZL2QuPK
— James Seyffart (@JSeyff) February 6, 2024
As Ethereum experiences significant movements in both on-chain activity and institutional interest, investors and stakeholders eagerly await developments in the regulatory landscape and the potential implications for Ethereum’s market dynamics and adoption.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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