{"id":611132,"date":"2024-06-03T06:04:19","date_gmt":"2024-06-03T06:04:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=611132"},"modified":"2024-07-10T15:03:59","modified_gmt":"2024-07-10T15:03:59","slug":"is-this-the-ethereum-endgame-investors-pull-3-billion-from-exchanges","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/is-this-the-ethereum-endgame-investors-pull-3-billion-from-exchanges\/","title":{"rendered":"Is This The Ethereum Endgame? Investors Pull $3 Billion From Exchanges"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:63\"><span id=\"input-sentence~0\">The Ethereum ecosystem is being blown through by winds of transformation. A quiet departure of Ether has been under progress since the much awaited clearance of spot Ether ETFs in the US on May 23rd. About $3 billion, the second-largest cryptocurrency in the world, has disappeared from centralised exchanges, so lowering Ether reserves in years.<\/span><span id=\"input-sentence~1\"> Analysers are humming with the prospect of a supply constraint from this flight of the digital asset, maybe driving Ether to unprecedented heights.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum-on-edge-can-ether-smash-through-resistance-or-stall-after-rally\/\" target=\"_blank\" rel=\"noopener \">Ethereum On Edge: Can Ether Smash Through Resistance Or Stall After Rally?<\/a><\/div>\n<h2 data-sourcepos=\"5:1-5:45\"><strong>Exodus To Self-Custody: A Bullish Signal?<\/strong><\/h2>\n<p data-sourcepos=\"7:1-7:389\"><span id=\"input-sentence~2\">According to crypto researcher Ali Martinez&#8217;s recent X article, about 777,000 ETH, or almost $3 billion, have been taken off of <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\" rel=\"nofollow\">cryptocurrency<\/a> exchanges since the US approved spot Ethereum ETF products. Though the Ether ETF products haven&#8217;t formally started trading on exchanges yet, the continuance of this trend could have a major effect on ETH pricing over time.<\/span><span id=\"input-sentence~3\"><br \/>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Since the <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@SECGov<\/a> approved spot <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Ethereum<\/a> ETFs, approximately 777,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> \u2014 valued at about $3 billion \u2014 have been withdrawn from <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#crypto<\/a> exchanges! <a href=\"https:\/\/t.co\/EzQVC0cw27\" rel=\"nofollow\">pic.twitter.com\/EzQVC0cw27<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/47947412?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 2, 2024<\/a><\/p><\/blockquote>\n<p data-sourcepos=\"7:1-7:389\"><span id=\"input-sentence~3\">High reserves on exchanges have historically shown a selling-heavy market with easy dumping of investor holdings.<\/span><span id=\"input-sentence~4\"> But the way things are right now presents another view. Analyses propose this enormous migration represents a change in investment attitude. Self-custody, or moving their Ether to personal wallets, is a sign of a long-term optimistic view as many are doing.<\/span><span id=\"input-sentence~5\"><br \/>\n<\/span><\/p>\n<p data-sourcepos=\"7:1-7:389\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-611134\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?resize=1024%2C560\" alt=\"\" width=\"1024\" height=\"560\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?w=1518 1518w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6099e6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p data-sourcepos=\"9:1-9:96\"><span id=\"input-sentence~5\">Michael Nadeau, a DeFi report crypto expert, says the low exchange reserves imply investors are seeing Ether not simply as a trading tool but also as a possible store of value. This mental change combined with the possibility of more demand from ETFs might produce the ideal storm for a price rise.<\/span><span id=\"input-sentence~6\"><br \/>\n<\/span><\/p>\n<p data-sourcepos=\"11:1-11:406\"><span id=\"input-sentence~6\">The Ethereum network itself might possibly be aggravating the supply crunch. Ethereum validators, under the Proof-of- Stake paradigm, don&#8217;t have the same financial pressure to sell their holdings than Bitcoin miners, who pay ongoing running costs. Lack of &#8220;structural sell pressure,&#8221; as Nadeau defines, limits the easily accessible Ether supply even more.<\/span><span id=\"input-sentence~7\"><br \/>\n<\/span><\/p>\n<figure id=\"attachment_611135\" aria-describedby=\"caption-attachment-611135\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-611135 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?resize=1024%2C537\" alt=\"\" width=\"1024\" height=\"537\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?w=1209 1209w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_d70d87.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-611135\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2 data-sourcepos=\"13:1-13:38\"><strong>Ethereum ETF Launch: A Double-Edged Sword?<\/strong><\/h2>\n<p data-sourcepos=\"15:1-15:362\"><span id=\"input-sentence~7\">The forthcoming<a href=\"https:\/\/readwrite.com\/crypto-experts-predict-where-the-ethereum-price-is-headed-next-following-eth-etf-approvals\/\" rel=\"nofollow\"> Ether ET<\/a>F release in late June adds still another level of mystery. Potential road map for Ether is provided by the success of spot Bitcoin ETFs in January, which saw a notable price rise for Bitcoin.<\/span><span id=\"input-sentence~8\"> Similar demand increase expected by analysts drives Ether&#8217;s price near, or even beyond, its all-time high of $4,871 established in November 2021.<br \/>\n<\/span><\/p>\n<figure style=\"width: 2475px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/h4N6RMu6\/\" alt=\"\" width=\"2475\" height=\"1163\"><figcaption class=\"wp-caption-text\">Ether market cap currently at $458 billion. Chart: TradingView.com<\/figcaption><\/figure>\n<p data-sourcepos=\"17:1-17:37\"><span id=\"input-sentence~8\"><a href=\"https:\/\/financefeeds.com\/grayscale-updates-registration-statement-for-proposed-ethereum-fund\/\" rel=\"nofollow\">Grayscale&#8217;s Ethereum Trust (ETHE)<\/a>, a large investment company already holding an astounding $11 billion worth of Ether, presents a possible obstacle though.<\/span><span id=\"input-sentence~9\"> Should Grayscale choose to match with its Bitcoin Trust (GBTC), which saw over $6 billion in outflows following the release of spot Bitcoin ETFs, it might slow down the price rise.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/worrying-signs-for-xrp-price-tumbles-as-demand-dries-up\/\" target=\"_blank\" rel=\"noopener \">Worrying Signs For XRP: Price Tumbles As Demand Dries Up<\/a><\/div>\n<h3 data-sourcepos=\"19:1-19:31\"><strong>Buckle Up For A Bumpy Ride?<\/strong><\/h3>\n<p data-sourcepos=\"21:1-21:339\"><span id=\"input-sentence~9\">Although the future is yet unknown, Ether finds a really interesting situation in the present market.<\/span><span id=\"input-sentence~10\"> A <a href=\"https:\/\/coincodex.com\/crypto\/ethereum\/price-prediction\/\" rel=\"nofollow\">possible bull run<\/a> is painted by the mix of a declining supply and the possible demand surge from ETFs. But the wildcard of Grayscale&#8217;s behaviour and the larger market mood inject some caution.<br \/>\n<\/span><\/p>\n<p data-sourcepos=\"21:1-21:339\"><em>Featured image from Current Affairs-Adda247, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum ecosystem is being blown through by winds of transformation. A quiet departure of Ether has been under progress since the much awaited clearance of spot Ether ETFs in the US on May 23rd. About $3 billion, the second-largest cryptocurrency in the world, has disappeared from centralised exchanges, so lowering Ether reserves in years. Analysers are humming with the prospect of a supply constraint from this flight of the digital asset, maybe driving Ether to unprecedented heights. Related Reading: Ethereum On Edge: Can Ether Smash Through Resistance Or Stall After Rally? Exodus To Self-Custody: A Bullish Signal? According to crypto researcher Ali Martinez&#8217;s recent X article, about 777,000 ETH, or almost $3 billion, have been taken off of cryptocurrency exchanges since the US approved spot Ethereum ETF products. Though the Ether ETF products haven&#8217;t formally started trading on exchanges yet, the continuance of this trend could have a major effect on ETH pricing over time. Since the @SECGov approved spot #Ethereum ETFs, approximately 777,000 $ETH \u2014 valued at about $3 billion \u2014 have been withdrawn from #crypto exchanges! pic.twitter.com\/EzQVC0cw27 \u2014 Ali (@ali_charts) June 2, 2024 High reserves on exchanges have historically shown a selling-heavy market with easy dumping of investor holdings. But the way things are right now presents another view. Analyses propose this enormous migration represents a change in investment attitude. Self-custody, or moving their Ether to personal wallets, is a sign of a long-term optimistic view as many are doing. Michael Nadeau, a DeFi report crypto expert, says the low exchange reserves imply investors are seeing Ether not simply as a trading tool but also as a possible store of value. This mental change combined with the possibility of more demand from ETFs might produce the ideal storm for a price rise. The Ethereum network itself might possibly be aggravating the supply crunch. Ethereum validators, under the Proof-of- Stake paradigm, don&#8217;t have the same financial pressure to sell their holdings than Bitcoin miners, who pay ongoing running costs. Lack of &#8220;structural sell pressure,&#8221; as Nadeau defines, limits the easily accessible Ether supply even more. Ethereum ETF Launch: A Double-Edged Sword? The forthcoming Ether ETF release in late June adds still another level of mystery. Potential road map for Ether is provided by the success of spot Bitcoin ETFs in January, which saw a notable price rise for Bitcoin. Similar demand increase expected by analysts drives Ether&#8217;s price near, or even beyond, its all-time high of $4,871 established in November 2021. Grayscale&#8217;s Ethereum Trust (ETHE), a large investment company already holding an astounding $11 billion worth of Ether, presents a possible obstacle though. Should Grayscale choose to match with its Bitcoin Trust (GBTC), which saw over $6 billion in outflows following the release of spot Bitcoin ETFs, it might slow down the price rise. Related Reading: Worrying Signs For XRP: Price Tumbles As Demand Dries Up Buckle Up For A Bumpy Ride? Although the future is yet unknown, Ether finds a really interesting situation in the present market. A possible bull run is painted by the mix of a declining supply and the possible demand surge from ETFs. But the wildcard of Grayscale&#8217;s behaviour and the larger market mood inject some caution. Featured image from Current Affairs-Adda247, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":611139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,1944,8323,4854,1946],"class_list":["post-611132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-etf","tag-eth","tag-ether","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Endgame? Investors Pull $3 Billion From Exchanges<\/title>\n<meta name=\"description\" content=\"The Ethereum ecosystem is being blown through by winds of transformation. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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