Ethereum

Spot

<ul class="news-points"> 
 <li>SEC approval of Ethereum Spot ETF leads to significant withdrawals of ETH from exchanges.</li> 
 <li>Analyst Burak Kesmeci suggests two reasons for the withdrawals.</li> 
 <li>This trend echoes similar occurrences observed after the approval of the Bitcoin Spot ETF.</li> 
</ul> 
The SEC’s approval of the Ethereum Spot ETF on May 24, 2024, has triggered increased movement of ETH holdings across crypto exchanges. As reported by <a href="https://x.com/cryptoquant_com/status/1797518852718501989" target="_blank" rel="nofollow">Cryptoquant</a>, approximately 800,000 ETH valued at $3 billion were withdrawn from exchanges within eight days. However, the identity of those responsible for these large-scale withdrawals remains unknown. 
This trend echoes similar activity observed after the approval of the Bitcoin Spot ETF. Crypto analyst Burak Kesmeci offers two possible reasons for these massive withdrawals. 
Kesmeci suggested that large market players, commonly called whales, may have anticipated a surge in Ethereum’s value following ETF approval. This outlook could have driven their decision to accumulate substantial holdings ahead of anticipated market movements. 
The analyst also added that the heavy outflows could be caused by institutions positioning themselves for the launch of the ETH Spot …
The post <a href="https://coinedition.com/ethereum-whales-go-on-buying-spree-after-sec-greenlights-spot-etf/">Ethereum Whales Go on Buying Spree After SEC Greenlights Spot ETF</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Ethereum Whales Go on Buying Spree After SEC Greenlights Spot ETF

Coin Edition

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