Ethereum exchange trading has increased as investors await the launch of the exchange traded funds in the United States.
Santiment provides data on the value of Ethereum.ETH) flowing into centralized and decentralized exchanges rallied by 116% in the past 24 hours — rising from 118,970 to 257,550 tokens.
In a bearish market, this movement can be expected. However, the approval of spots ETH ETFs This has created a similar momentum on the chain, as traders are likely to be targeting short-term profit.
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.
The market’s overall bearish trend is what brought down the Ethereum price from $3,500 to $2,800 during the first week in July.
A busy Monday 22 July saw long-term Ethereum investors stop moving their holdings. Santiment claims that the dormant ETH coin circulation has dropped by a staggering 16,888 coins in the past 24 hours.
Five-year ETH investors are still bullish about the second largest cryptocurrency, thanks to recent developments. spot ETH ETF The U.S. SEC has given the green light. According to a report by crypto.news, investment products will begin trading on July 23, according to the report.
Ethereum has gained 1.3% over the last 24 hours, and currently trades at $3.530. Market cap of the asset is $424.3 Billion with a 24-hour daily increase. trading volume Twenty-five billion dollars.
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Source: crypto.news
