As Ethereum strives to reclaim the $3,000 trading price, investors eagerly await the deadline for three spot Ethereum ETF applications, scheduled for May 25th.
ETH ETF Deadline Approaches đź‘€
In just 12 days, we'll hit the final deadline for not one, but THREE spot Ethereum #ETF applications 🚨
The SEC has to make a decision on the following filings by May 25th pic.twitter.com/yyopCdNPe4
— Budhil Vyas (@BudhilVyas) May 13, 2024
Today, Ethereum shows signs of resilience with a 2% gain, currently trading at $2,974. However, market volatility looms as the deadline approaches.
Recent data indicates a significant decrease in the inflow volume of stablecoins on Ethereum exchanges, dropping below average quarterly figures and marking a 2.6 times decrease compared to Bitcoin’s local peak at $73,000. While this decline raises concerns, it doesn’t necessarily signal the end of the bull cycle.
The inflow volume on exchanges of all stablecoins in the Ethereum network has fallen below average quarterly figures and has decreased by 2.6 times compared to the local peak of Bitcoin at 73K.
The drop in volume below the quarterly figure is a negative signal. pic.twitter.com/QDCQ7zZoF7
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) May 13, 2024
Despite prevailing market negativity, on-chain data offers no definitive signals indicating an imminent end to the bull run, leaving investors cautiously optimistic.
Other Notable ETH Whales Transfer To Exchanges
Spotonchain data highlights the activity of an early Ethereum holder, 0x2ce, who deposited 4,153 ETH ($12.2 million) to Coinbase at $2,931. This whale’s history dates back to 2016 when they withdrew 12,423 ETH from Poloneix at approximately $11.03 ($137,000).Â
3 hours ago, Early $ETH holder 0x2ce deposited 4,153 $ETH ($12.2M) to #Coinbase at $2,931.
The whale withdrew 12,423 $ETH from #Poloneix at ~$11.03 ($137K) in 2016,
And has deposited 9,436 $ETH to #Coinbase and #Luno at ~$2,245 ($21.2M) since 2021.
Current holding: 2,566 $ETH… pic.twitter.com/ky5g0uy2n5
— Spot On Chain (@spotonchain) May 13, 2024
Since 2021, they’ve deposited 9,436 ETH to Coinbase and Luno at an average of $2,245 ($21.2 million), holding 2,566 ETH ($7.48 million) currently. Their estimated total profit stands at $28.5 million, marking a remarkable 204% increase.
As the Ethereum ecosystem navigates through market uncertainties and ETF deadlines, investors remain vigilant, hoping for a resurgence in Ethereum’s price and broader market stability in the days ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
