Over 800,000 Ethereum Outflow From Exchanges Following ETH Spot ETF Approval
On May 24, 2024, the Ethereum Spot ETF was approved. Following this groundbreaking event, unknown individuals or institutions have withdrawn over 800K Ethereum from exchanges, worth approximately $3 billion in 8 days. For now, we don't know who is behind these purchases.
However, we have seen similar situations after the approval of the Bitcoin Spot ETF.
Who is behind the purchases exceeding $3 billion?
I can provide two different answers to this question.
Whales or individuals who think the price will rise after the Spot ETF approval.
Institutions preparing for the Spot ETF could be behind this wave of heavy outflow that lasted for 8 days. These institutions may want to meet the demand of their investors with the launch of the ETH Spot ETF.
The above answers are each an assumption, but we can expect that the withdrawal of more than 800,000 Ethereum from exchanges in 8 days will have a positive impact on the price in the medium term.
Written by burakkesmeci