Ethereum (ETH) Withdrawals on Exchanges Skyrocket on Spot ETF Mania, Data Says

Based on Glassnode’s data, cryptocurrency analyst Leon Waidmann of BTC-ECHO platform indicates massive accumulation interest of Ethereum (ETH) investors. Owners of ETH bags are moving them out of exchanges, which typically is a strong bullish indicator.

$126,000,000 in week: Ethereum (ETH) investors drained exchange reserves

Ethereum (ETH) investors are withdrawing their riches from exchanges at an increased pace. As the multi-month trend gained traction, centralized crypto platforms lost $126 million in equivalent in just seven days. The report was shared by Leon Waidmann, a seasoned cryptocurrency analyst, with his X followers.

This trend started in March 2024, but it gained steam only in Q3, 2024. The local “top” of exchanges reserves amount was registered after Ethereum (ETH) set its three-year high above $4,000.

Accelerated withdrawals from exchanges typically are being interpreted as an indicator of investors confidence. As such, amid the new phase of spot ETF hype, Waidmann is enthusiastic about what is next for the ETH price:

Next big $ETH rally incoming!

Ethereum (ETH), the second largest cryptocurrency, is changing hands at $3,500 as of press time. In the last 24 hours, its price gained 1%.

Ethereum’s (ETH) trading volume lost 15% and declined to $13.3 billion.

Spot Ether ETF launch date finally confirmed

As covered by U.Today previously, on July 20, the U.S. Chicago Board Options Exchange (CBOE) confirmed the launch of spot ETH ETF in the United States at July 23, 2024.

Ethereum ETFs from Fidelity, Invesco Galaxy, Franklin Templeton, VanEck and 21Shares will be available in the first cohort of exchange-traded products based on spot Ether.

While this event is typically expected to be a major bullish catalyst for the Ethereum (ETH) price, some experts are cautious about its role.

Top U.S. bank JP Morgan foresees lower interest in ETFs on Ether compared to this of Bitcoin ETFs in January 2024.

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