crypto.news
Ethereum has seen increased exchange activity as investors wait for the spot exchange-traded funds to start trading in the United States.
According to data provided by Santiment, the amount 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.
$ETH exchange inflow increased 116% ahead of spot ETF launch - 1"> This movement is usually expected in bearish market conditions, but the approval of spot $ETH ETFs has triggered a quite similar on-chain momentum since traders might be eying short-term profits.
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. While the outflow hints at an accumulation trend, the rallying inflows show 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.
This was majorly due to the market-wide bearish momentum that brought the Ethereum price down from the $3,500 mark to around $2,800 in the first week of July.
On the other hand, long-term Ethereum holders stopped moving their assets after a busy Monday, July 22. According to Santiment, the five-year dormant $ETH circulation plunged from 16,888 to 3,022 coins over the past day.
At this point, five-year $ETH holders remain bullish on the second-largest cryptocurrency thanks to the spot $ETH ETF green light from the U.S. SEC. Per the crypto.news report, the investment products are set to start trading today, July 23.
Ethereum is up by 1.3% in the past 24 hours and is trading at $3,530 at the time of writing. The asset’s market cap is sitting at $424.3 billion with a daily trading volume of $21.5 billion.