Ethereum Name Service

Today, an on-chain analytics firm, SpotOnChain, gathered massive attention following the actions of whales and investors amid the Exchange-Traded Fund (ETF) scene. On May 24, 2024, SpotOnChain shared a post on X (formerly Twitter) stating that in the past week, approximately $76.95 million worth of Ethereum ecosystem tokens, including Lido (LDO), Ethereum Name Service (ENS), Ethena (ENS), Pepe (PEPE), Uniswap (UNI), and Avalanche (AAVE), were withdrawn. Fresh Wallets withdrew $77 million in ETH-based tokens 
These massive token withdrawals were executed by a new wallet and a first-time accumulator from Centralized Exchanges (CEX). Following this $77 million token withdrawal, the majority came from ENA. In the last 7 days, 54.31 million ENA tokens worth $45.61 million, 982.6 billion PEPE tokens worth $13.55 million, $9.6 million of LDO tokens, $4 million of AAVE tokens, and $2 million of each UNI and ENS token were withdrawn from Binance.
$76.95M worth of 6
The surge in token withdrawals coincides with growing anticipation surrounding the approval of an Ethereum Exchange-Traded Fund (ETF). As investors await regulatory decisions, optimism regarding the mainstream adoption of Ethereum and its associated tokens has surged. The prospect of an ETF could potentially attract institutional investors and drive further liquidity into the Ethereum ecosystem. U.S. SEC approve spot Ethereum ETF 
However, today the United States Securities and Exchange Commission (SEC) approved applications from Nasdaq, CBOE, and NYSE to list a spot Ethereum ETF. Despite the approval, the overall cryptocurrency market is experiencing massive <a href="https://news.todayq.com/ether-bitcoin-price-skyrockets-then-crashes-what-happened/" rel="noopener noreferrer nofollow">downside momentum</a> today, with top cryptocurrencies like Bitcoin, Ethereum, and Solana seeing declines of 4%, 4.5%, and 7% respectively.
Amid this significant downside momentum, LDO, AAVE, and UNI experienced price surges of over 3%, 3.5%, and 4.3% respectively. Conversely, PEPE, ENA, and ENS experienced downside momentum of 3%, 1.5%, and 2% respectively. However, this movement of funds has caught the attention of market observers, prompting speculation about the imminent return of the altcoin season.
Examining this massive withdrawal highlights the interest of investors and institutions in Ethereum-based tokens. Additionally, there is a high probability that these tokens, along with Ethereum, will surge significantly in the coming days, similar to the market’s experience of massive upside momentum after the approval of a Bitcoin ETF.

New wallets added $77 mln of ETH-based token before ETF approval: Report

Todayq News

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