The market is experiencing uncertainty as rumors circulate about the SEC’s potential rejection of Ethereum ETFs, causing traders to closely monitor the situation. Despite positive trends seen in the approval of Bitcoin ETFs and the anticipation of the BTC halving, the fate of Ethereum and other altcoins remains uncertain.
Traders are grappling with the potential impact of the SEC’s stance on Ethereum ETFs, which could have a significant effect on the price of ETH. While there is still hope for a rally, recent indications suggest that approval may not be imminent, leading to a rise in bearish sentiment among traders.
In the midst of this uncertainty, Ethereum has seen a significant outflow from exchanges, even as its price surpasses the $3,000 mark. This indicates that investors have confidence in the further appreciation of Ethereum’s price. Notably, prominent analyst Titan of Crypto has highlighted a substantial outflow of over 260,000 ETH, equivalent to more than $781 million, from exchanges in the past week.
Furthermore, notable figures like Justin Sun have been accumulating Ethereum, with recent data showing significant withdrawals from exchanges. Analysis suggests that there has been an increase in Ethereum’s net deposit on exchanges compared to the previous seven days, indicating a shift towards selling among investors. However, the accumulation of Ethereum by large holders remains unaffected, as evidenced by the continued rise in the supply of ETH held by top addresses.
Currently, ETH is trading at $3,147.75, experiencing a 0.45% drop, and the trading volume is down 4.07%.