Ethereum
Ethereum (ETH) Withdrawals on Exchanges Skyrocket Amid Spot ETF Craze, Data Shows
Vladislav Sopov
Massive ETH Accumulation Wave Confirmed Days Ahead of Most Anticipated Announcement for Altcoiners in 2024
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According to Glassnode data, cryptocurrency analyst Leon Waidmann of the BTC-ECHO platform indicates massive investor interest in accumulating Ethereum (ETH). ETH bag owners are withdrawing them from exchanges, which is usually a strong bullish indicator.
$126,000,000 in one week: Ethereum (ETH) investors exhaust their exchange reserves
Ethereum (ETH) investors are withdrawing their wealth from exchanges at an accelerated pace. As the multi-month trend gained momentum, centralized crypto exchanges lost $126 million in equivalent in just seven days. The report was shared by Leon Waidmann, a veteran cryptocurrency analyst, with his X followers.
This trend started in March 2024, but it only gained momentum in Q3 2024. The local amount of exchange reserves was recorded after Ethereum (ETH) hit a three-year high above $4,000.
Accelerated withdrawals from exchanges are generally interpreted as an indicator of investor confidence. So, amid the new phase of hype around spot ETFs, Waidmann is enthusiastic about the future of ETH price:
Next big $ETH rally coming!
Ethereum (ETH), the second-largest cryptocurrency, is trading at $3,500 at press time. Over the past 24 hours, its price has gained 1%.
Ethereum (ETH) trading volume fell 15% to $13.3 billion.
Spot Ether ETF Launch Date Finally Confirmed
As previously reported by U.Today, on July 20, the U.S. Chicago Board Options Exchange (CBOE) confirmed the launch of the ETH spot ETF in the United States on July 23, 2024.
Ethereum ETFs from Fidelity, Invesco Galaxy, Franklin Templeton, VanEck and 21Shares will be available in the first cohort of spot Ether-based exchange-traded products.
Although this event is generally considered a major bullish catalyst for the price of Ethereum (ETH), some experts are cautious about its role.
Major US bank JP Morgan predicts lower interest in Ether ETFs compared to Bitcoin ETFs in January 2024.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
I have worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)