Ether (ETH) holders are transferring their assets to crypto exchanges at the fastest pace in nearly four months, as the cryptocurrency gains on rising hopes for U.S. spot exchange-traded fund approval.
Based on blockchain data nansen intelligence Net inflows to the exchange on Tuesday amounted to 81,840 ETH, worth about $306 million at current prices, the highest single-day amount since January 23, according to .
According to Nansen data, Tuesday marked the third consecutive day of inflows, marking a break from the general trend of declining ETH balances on the exchange. The last time ETH experienced daily inflows onto exchanges was in March, near the peak of this year's crypto prices.
While moving assets to an exchange typically indicates an intent to sell, traders typically withdraw tokens from the platform when they wish to hold their purchases for a longer period of time.
The surge in inflows could signal short-term profit-taking after ETH surged from around $3,000 to more than $3,800 in a single day. I got it. David Shuttleworth, research partner at Anagram;
“My feeling is [that] “Individuals have captured a rapid 30% price increase that occurred within 24 hours,” Shuttleworth said in a direct message to X.
The increase comes after the odds of U.S. regulators agreeing to a spot ETH ETF skyrocketed almost overnight, with regulators urging issuers to update their applications after months of lack of engagement.
