Ethereum’s exchange rate has seen an increase in activity, as investors are waiting for spot ETFs to begin trading in the United States.
Santiment has provided data that shows the total amount of Ethereum in circulation (ETH) flowing into centralized and decentralized exchanges rallied by 116% in the past 24 hours — rising from 118,970 to 257,550 tokens.
The approval of spot is not usually expected to occur in a market that is bearish. ETH ETFs The traders may be looking for short-term gains.
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. The outflow suggests an accumulation pattern, while the rising inflows indicate a 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.
In the first weeks of July, the Ethereum market price dropped from around $3,500 down to about $2,800.
After a very busy July 22, long-term Ethereum owners stopped moving their coins. Santiment reports that the dormant ETH distribution, which has been inactive for five years, dropped from 16,888 coins to just 3,022 over the last day.
Five-year ETH investors are still bullish about the second largest cryptocurrency, thanks to recent developments. spot ETH ETF Green light by the U.S. SEC According to a report by crypto.news, investment products will begin trading on July 23, according to the report.
Ethereum’s price is currently $3,530 and has risen by 1.3% within the past day. Market cap of the asset is $424.3 Billion with a 24-hour daily increase. trading volume The total amount is $21,5 billion.
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Source: crypto.news