As Ethereum strives to regain its $3,000 trading price, investors are looking forward to the May 25th deadline for applications for three Spot Ethereum ETFs.
ETH ETF deadline is approaching 👀
In just 12 days, not one, but three spot Ethereum will expire #ETF Application 🚨
The SEC must issue decisions on the following filings by May 25th pic.twitter.com/yyopCdNPe4
— Budhil Vyas (@BudhilVyas) May 13, 2024
Currently, Ethereum is up 2% and showing signs of resilience, currently trading at $2,974. However, as the deadline approaches, market volatility looms.
Recent data shows that stablecoin inflows to Ethereum exchanges have declined significantly, falling below the quarterly average and representing a 2.6x decline compared to Bitcoin's local peak of $73,000. is shown. While this decline is concerning, it does not necessarily signal the end of a bullish cycle.
Inflows to exchanges for all stablecoins in the Ethereum network were below the quarterly average and decreased by 2.6 times compared to Bitcoin's local peak of 73,000.
A drop in volume below the quarterly figure is a negative signal. pic.twitter.com/QDCQ7zZoF7
— Axel 💎🙌 Adler Jr. (@AxelAdlerJr) May 13, 2024
Despite widespread negativity in the market, there are no conclusive signs in on-chain data that the end of the bull market is imminent, leading investors to remain cautiously optimistic. ing.
Other notable ETH whales send money to exchanges
Spotonchain data highlights the activity of early Ethereum holder 0x2ce, who deposited 4,153 ETH ($12.2 million) to Coinbase for $2,931. The history of this whale dates back to 2016 when they withdrew 12,423 ETH from Poloneix for approximately $11.03 ($137,000).
3 hours ago, early morning $ETH Holder 0x2ce deposited 4,153 $ETH (from $12.2 million) #coinbase For $2,931.
Whale retreated 12,423 $ETH from #polonics ~$11.03 ($137,000) in 2016;
Deposited 9,436 $ETH to #coinbase and #luno After 2021, it is approximately $2,245 ($21.2 million).
Current number: 2,566 $ETH… pic.twitter.com/ky5g0uy2n5
— Spotonchain (@spotonchain) May 13, 2024
Since 2021, they have deposited 9,436 ETH into Coinbase and Luno at an average cost of $2,245 ($21.2 million) and currently hold 2,566 ETH ($7.48 million). Their estimated gross profit was $28.5 million, an impressive 204% increase.
As the Ethereum ecosystem weathers market uncertainty and ETF expiration, investors remain cautious in hopes of a recovery in Ethereum prices and broader market stability.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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