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Ether Rally Prompts Over $300 Million ETH Inflow to Crypto Exchanges: Nansen
The fast move likely signals short-term profit taking after ether's rapid 30% rally, one observer noted.
May 21, 2024, 9:17 p.m.
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Ether holders are sending assets to crypto exchanges at the fastest pace in almost four months following the crypto's rally on increasing anticipation of a U.S. spot exchange-traded fund approval.
Blockchain data by Nansen Intelligence shows Tuesday net inflows to exchanges reached 81,840 ETH worth roughly $306 million at current prices, the highest amount in a day since January 23.
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Tuesday was also the third day in a row of inflows, marking a break from the general trend of decreasing ETH balance on exchanges, Nansen data shows. The last time ETH experienced consecutive days of inflows to exchanges was in March, near this year's peak in crypto prices.
Moving assets to exchanges usually signal intention to sell, while traders normally withdraw tokens from platforms if they want to hold onto the purchases for a longer term.
Soaring inflows could signal short-term profit-taking after ETH surged to over $3,800 from around $3,000 in a day, noted David Shuttleworth, research partner at Anagram.
"My sense is [that] individuals are capturing a quick 30% price increase that occurred in less than 24 hours," Shuttleworth said in a direct message on X.
The rally happened as odds for a U.S. regulatory nod for spot ETH ETFs jumped almost overnight with regulators asking issuers to update their applications after months of lack of engagement.
Read more: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
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