Crypto News

Ethereum Witnesses Massive Withdrawals From Exchanges Amid ETF Speculation

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Over the past week alone, approximately $500 million worth of Ethereum was withdrawn from exchanges, contributing to a total outflow of $1.2 billion in Ethereum over the past month.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.

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. 

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.

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.

Follow us on Twitter  @nulltxnews  to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and  Metaverse news !

Image Source: fellowneko/ 123RF  // Image Effects by  Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *