Ethereum Breaks Record Following SEC Approval: 800,000 ETH Worth $3 Billion Bought! Who Purchased These ETHs?
In a historic move, the SEC recently approved spot Ethereum ETFs, following the approval of Bitcoin ETFs. Although the final approval is still pending, investors wasted no time in preparing for the imminent approval.
According to a CryptoQuant analyst, over 800,000 ETH worth approximately $3 billion have been withdrawn from crypto exchanges since the SEC’s approval of spot Ethereum ETFs. This mirrors a similar occurrence in January when BTC experienced a surge in outflows from exchanges.
The analyst speculates that the ETHs withdrawn from exchanges were acquired by unidentified individuals or institutions who believe that the price of Ethereum will rise after the ETF approval. It is also possible that these institutions are preparing to meet the demand of their investors with the launch of a spot ETH ETF.
This massive outflow of Ethereum from exchanges is seen as a bullish signal for the ETH price. The analyst states, “We can expect that withdrawing this amount of Ethereum from exchanges will have a positive impact on the price in the medium term.”
The SEC approved spot Ethereum ETFs on May 23, and while trading in the products is not yet permitted, S-1 filings are expected to be approved soon. Analysts predict that the ETFs could start trading by the end of June.
It is important to note that this article does not provide investment advice. To invest in over 300 cryptocurrencies, you can register with Binance exchange and enjoy a 20% commission discount.
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