โกโกWhales withdrew 800k ETH from exchanges in 8 days
๐ฅCryptoQuant researcher Burak Kehmechi published a report indicating that Ethereum Spot ETFs were approved on May 24, 2024. After this groundbreaking event, unknown individuals or institutions withdrew more than 800k Ethereum (ETH) worth about $3 billion from exchanges within 8 days. At the moment, the analyst does not know who these large holders are.
๐ฅThe expert stressed that similar behavior was observed after the approval of the Bitcoin Spot ETF. However, it is impossible to answer exactly who is behind the purchases of ETH worth more than $3 billion. Nevertheless, the researcher put forward his version. He emphasized that it could be large holders who believe - the value of ether will grow in the near future.
๐ฅIn his opinion, institutional institutions preparing for the launch of spot ETFs may be behind the wave of strong outflows that lasted for 8 days. They may want to meet the demand of their investors with new products and purchased assets in advance to provide reserves.
๐ฅThe expert noted that this is just a guess, but the withdrawal of more than 800k Ethereum from centralized exchanges, in just over a week, should have a positive impact on the price of ETH in the medium term. Such a move indicates increased demand and possible investor confidence in storing the asset off exchanges for the long term.
๐ฅAccording to the data as of June 3, 2024, the Ethereum cryptocurrency is quoted at $3820. This figure has increased by 27.77% over the past 30 days and by 67.5% since the beginning of this year. The market capitalization of the asset reached the value of $459.04 billion.
๐ฅ The cryptocurrency is still trading 22% below its historical price high. Daily trading volume with ether amounted to $11.64 billion. At a distance of a week, this figure is equal to $76.02 billion. The share of ETH in the market is 17.9%.