After approval of Ethereum spot ETF, large-scale ETH withdrawal from exchange… Who's behind it?
After approval of Ethereum spot ETF, large-scale ETH withdrawal from exchange… Who's behind it? An on-chain data platform, said, “After the Ethereum spot exchange-traded fund (ETF) was approved, 800,000 ETH was withdrawn from cryptocurrency exchanges,” explaining this outflow. I mentioned the background. According to CryptoPotato on the 3rd (local time), CryptoQuant analyst 'Burakkesmeci' said in a Quick Take on-chain analysis post, "After the approval of the Ethereum spot ETF, an unknown individual or institution made about 30% in 8 days. “800,000 ETH worth 100 million dollars were withdrawn from the exchange,” he said, adding, “Similar movements were observed even after the approval of the Bitcoin spot ETF.” On May 23, the SEC approved listing the Ethereum spot ETF on the stock exchange. Despite the approval, the product was not immediately approved for trading. Issuers must file an 'S-1' registration statement in the coming weeks before the ETF can become ac...