“Over 800,000 ETH, worth nearly $3 billion, have been withdrawn from major centralized exchanges (CEXs) to external wallets in the last eight days,” said Burak Kesmeci, an analyst at crypto market data analysis platform Into the Block. “Anonymous individuals or institutions have been withdrawing ETH from exchanges since the U.S. Securities and Exchange Commission (SEC) approved the ETH spot ETF 19b-4 (trading rule change review request) submitted by the exchanges on May 24th (local time). While it is still unclear who is responsible for the massive ETH withdrawals, this phenomenon was also observed during the BTC spot ETF approval in January. Therefore, it is possible that big traders or institutions preparing for the ETF launch are behind the withdrawals, as they expect the price to rise after the final approval of the ETH spot ETF. In the medium term, large-scale ETH outflows from CEX should have a positive impact on the price.”
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