Investors Move Ether to Exchanges Amid ETF Approval Saga

The rate at which investors are moving Ether (ETH) to crypto exchanges is alarming. With the recent surge in Ethereum, investors are suggesting potential profit-taking opportunities.

Nansen Intelligence reported that the net inflow of ETH to exchanges was rising, and May 21st marked the largest net flow since the beginning of the year, amounting to 81,840 ETH. This sudden action by investors is also likely to be influenced by the incoming Ethereum ETF approval.

One X user, David Alexander shared a post, concerning the same whereby he said that,

“Over 87,800 $ETH ($327M) has been sent to exchanges since the news broke that an ETH ETF approval may be incoming. This is easily the highest level of daily ETH inflows to exchanges since January and marks the third consecutive day of net inflows. In total, more than 122,000 ETH has been sent to exchanges during this time.“

Generally, when an asset is moved from the exchange, it signals that the owner wants to sell it or that holders want to hold it.

Also Read: SEC Likely to Approve Ethereum Spot ETFs, Report Says





https://www.cryptotimes.io/2024/05/22/eth-inflows-to-exchanges-surge-on-spot-etf-hopes/

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About the Author: Daniel