$3 Billion in ETH Withdrawn From Exchanges Since Spot Ethereum ETF Approval: CryptoQuant

More than 800,000 ether worth approximately $3 billion has left crypto exchanges since the United States Securities and Exchange Commission approved the launch of spot Ethereum exchange-traded funds .by CryptoQuant analyst Burakkesmeci, the identities of the crypto investors behind the ETH moves remain unknown; however, there are speculations as to who they could be.the spot Ethereum ETFs for public listing on national securities exchanges on May 23 in a surprising turn for the crypto industry.

Per Burakkesmeci’s analysis, ETH whales or individual investors could be behind the outflows because they think the cryptocurrency’s price will rally due to the approvals. On the other hand, institutions and ETF issuers could be making the moves in preparation for the launch of the products. The CryptoQuant analyst said these entities may be preparing to meet the spot Ethereum ETF demand from investors in the coming months.

“The above answers are each an assumption, but we can expect that the withdrawal of more than 800,000 Ethereum from exchanges in 8 days will have a positive impact on the price in the medium term,” he stated.that ETH could explode to $20,000 following the launch of the ETFs. At the time of writing, ETH was trading at around $3,800, up 1.1% in the past 24 hours. If the predictions were to come true, the market would see the crypto asset surge over 420%.

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