Ethereum

United

Ethereum Name Service

Ethereum has seen increased exchange activity as investors wait for the spot exchange-traded funds to start trading in the United States. 
According to data provided by Santiment, the amount of Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) flowing into centralized and decentralized exchanges rallied by 116% in the past 24 hours — rising from 118,970 to 257,550 tokens. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14286554"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Ethereum-ETH-14.18.54-23-Jul-2024-1024x347.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/07/Ethereum-ETH-14.18.54-23-Jul-2024-1024x347.png" alt="ETH exchange inflow increased 116% ahead of spot ETF launch - 18"> 
 </picture> 
 <figcaption class="wp-element-caption">
 ETH price, exchange activity, supply on exchanges and dormant circulation – July 23 | Source: <a href="https://app.santiment.net/charts/zXeyHzzn__sCl" target="_blank" rel="">Santiment</a>
 </figcaption>
</figure> 
This movement is usually expected in bearish market conditions, but the approval of spot <a href="https://crypto.news/eth-etf-launch-sell-the-news/" target="_blank" rel="noreferrer noopener">ETH ETFs</a> has triggered a quite similar on-chain momentum since traders might be eying short-term profits. 
 You might also like: <a href="https://crypto.news/btc-etf-inflows-reached-533m-ahead-of-eth-etf-launch/"> BTC ETF inflows reached $533m ahead of ETH ETF launch </a> 
Data from the market intelligence platform shows that the Ethereum exchange outflow also witnessed a 69% surge over the past day — rising from 121,460 to 205,460 tokens. While the outflow hints at an accumulation trend, the rallying inflows show potential short-term profit-taking. 
Per data from Santiment, the total amount of ETH supply sitting on exchanges increased by 1.2 million coins over the past 30 days — rising from 18.41 million ETH on June 24 to 19.61 million ETH at the reporting time. 
This was majorly due to the market-wide bearish momentum that brought the Ethereum price down from the $3,500 mark to around $2,800 in the first week of July. 
On the other hand, long-term Ethereum holders stopped moving their assets after a busy Monday, July 22. According to Santiment, the five-year dormant ETH circulation plunged from 16,888 to 3,022 coins over the past day. 
At this point, five-year ETH holders remain bullish on the second-largest cryptocurrency thanks to the <a href="https://crypto.news/ethereum-etfs-get-final-approval-trading-to-start-tuesday/" target="_blank" rel="noreferrer noopener">spot ETH ETF</a> green light from the U.S. SEC. Per the crypto.news report, the investment products are set to start trading today, July 23. 
Ethereum is up by 1.3% in the past 24 hours and is trading at $3,530 at the time of writing. The asset’s market cap is sitting at $424.3 billion with a daily <a href="https://crypto.news/glossary/volume-in-crypto-trading/" target="_blank" rel="noreferrer noopener">trading volume</a> of $21.5 billion.&nbsp; 
 Read more: <a href="https://crypto.news/ethereum-name-service-jumps-7-on-day-spot-ethereum-etfs-launch/"> Ethereum Name Service jumps 7% on day spot Ethereum ETFs launch </a>

ETH exchange inflow increased 116% ahead of spot ETF launch

crypto.news

Други статии, публикувани на 23.07.2024 г.

Lucky 7.77% Increase on Shiba Inu (SHIB) More Important Than You Think

IMX: Bulls Pummel The Bears With A 10% Uptick This Week

Rollblock On The Rise As Thousands More Register For Best New Crypto Presale Of 2024: Layer 2 Sou...

Hong Kong Bitcoin ETF's BTC Holdings Exceed 5,000!

Shiba Inu Price Holds $0.000017 as Burn Rate Explodes 700%

Russian State Duma Debates Crucial Crypto Mining Bill

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!