As a seasoned crypto investor with a deep understanding of market trends and patterns, I’ve witnessed countless bull and bear cycles in the digital asset space. The recent data from Glassnode and the analysis by Leon Waidmann, a respected analyst at BTC-ECHO platform, has piqued my interest once again.
According to Glassnode’s data analysis by Leon Waidmann of BTC-ECHO, there is a significant buildup in demand among Ethereum (ETH) investors. This can be observed as Ethereum holders are transferring their coins off exchanges, which historically has been a bullish signal for the cryptocurrency market.
$126,000,000 in week: Ethereum (ETH) investors drained exchange reserves
Recent data indicates that Ethereum (ETH) investors are hastening to withdraw their substantial holdings from centralized crypto exchanges at an accelerated rate. Over the past week, these platforms experienced a net loss of approximately $126 million in value. This noteworthy trend was brought to light by Leon Waidmann, a skilled cryptocurrency analyst, who shared this information with his sizable following.
As a crypto investor, I’ve noticed an intriguing trend that emerged in March 2024, but it truly picked up momentum during the third quarter of that year. Notably, the peak reserves held by local exchanges was reached following Ethereum (ETH) surpassing its three-year maximum price of $4,000.
Investors’ increased rate of withdrawals from cryptocurrency exchanges is often viewed as a sign of their confidence in the market. With the renewed excitement surrounding Ethereum’s spot ETFs, Waidmann is excited to see what lies ahead for Ethereum’s price.
Next big $ETH rally incoming!
At present, the second largest digital currency, Ethereum (ETH), is being traded for approximately $3,500. Over the past day, there has been a 1% increase in its value.
Ethereum’s (ETH) trading volume lost 15% and declined to $13.3 billion.
Spot Ether ETF launch date finally confirmed
Previously reported by U.Today, the U.S. Chicago Board Options Exchange (CBOE) announced the planned introduction of a spot Ethereum ETF in the USA on July 23, 2024, which was set for July 20.
In the initial group of exchange-traded products (ETPs) linked to Ether’s spot price, Fidelity, Invesco Galaxy, Franklin Templeton, VanEck, and 21Shares will offer Ethereum ETFs for investment.
Some experts have expressed caution about the anticipated impact of this event on the Ethereum (ETH) price, despite it being generally viewed as a significant bullish factor.
Expert: JP Morgan, a leading US bank, anticipates that the demand for Ethereum Exchange-Traded Funds (ETFs) will be less than that of Bitcoin ETFs in January 2024.
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2024-07-20 21:55