Ethereum

Spot

The global digital assets market received another major approval from the US biggest finance regulator over the trading of spot Ether <a href="https://news.todayq.com/ark-ditches-ether-etf-plans-highlights-bitcoins-public-good/" rel="noopener noreferrer nofollow">exchange traded funds</a> (ETFs). However, data suggests that more than 800,000 Ethereum (ETH) have outflown from exchanges following ETH ETF approval. Who is buying Ether? 
As per the data shared by Cryptoquant, after obtaining consent over the Ethereum Spot ETF, several unknown individuals or institutions withdrew over 800K Ethereum from exchanges. The worth of these withdrawals stood at approximately $3 billion in 8 days. It is still unknown who stands behind these accumulations.
Experts suggest that similar situations after the approval of Bitcoin Spot ETF.
Ethereum price have been booming since the ETF news broke out. ETH is now up by 28% in the last 30 days while aiming to regain the crucial $4,000 price level. This has helped the second biggest crypto to gain over 67% year to date (YTD) period.
Ether took a minor hit of around 3% in the last 7 days. It is trading at an average price of $3,826, at press time. Meanwhile, it is still down by 21% from its all time high (ATH) of $4,891 recorded on November 16, 2021. Its 24 hour trading volume is up by 21% to stand at $11.8 billion.
The report highlighted that whales or individuals who think the price will rise after the Spot ETF approval might be behind this. It added that institutions preparing for the Spot ETF could be behind this wave of heavy outflow that lasted for 8 days. It is important to note that these institutions may want to meet the demand of their investors with the launch of the ETH Spot ETF. All good with SEC? 
The US Securities and Exchange Commission has set the stage by allowing the potential launch of eight investment instruments. It has been the second big agreement this year with the regulator’s approval of the first bitcoin ETFs.
BlackRock, Fidelity, Invesco, and Ark Invest are the major firms that applied for it. However, a second round of approvals will be needed before the products can launch.&nbsp;
Emerging anticipation of the approvals has sent the biggest altcoin price to soar more than 20% on the big day. VanEck CEO, Jan van Eck sees a major sentiment shift underway in the market linked to the US’s approval of a rule change.

Mystery Ether withdrawals! 800K ETH leaves exchanges post ETF approval

Todayq News

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