Ethereum Gathers Hustle With Approval: Analyst Says Big Move Is Coming!

Investors are collecting huge amounts of ETH after the US Securities and Exchange Commission (SEC) approved the spot Ethereum ETF.

According to data from on-chain analysis platform CryptoQuant, the amount of Ethereum on central cryptocurrency exchanges has decreased by 797 thousand, worth approximately $3.02 billion, since May 23, when the SEC approved the spot Ethereum ETF.

While the amount of Ethereum withdrawn from exchanges indicates the expectation of a large increase in price, a possible supply squeeze also draws attention.

On the other hand, according to Glassnode data shared by analyst Lean Waidmann, the percentage of Ethereum supply held in exchanges dropped to the lowest level in recent years with 10.6%. The analyst also mentioned that Bitcoin's supply in the stock markets has decreased and said, "Get ready for the next big rise."

In his recently published analysis, a CryptoQuant writer said that the growth fluctuation in addresses accumulating Bitcoin and Ethereum is in line with expectations for a rise in price. The analyst mentioned that more investors are moving to the buying side.

According to CoinGecko data, Ethereum, which has increased by 0.9% in the last 24 hours, is traded at $ 3,829 at the time of writing.

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