🌎 Ethereum Exchange Activity Surges Ahead of Spot ETF Launch in U.S.

Ethereum has experienced a surge in exchange activity as investors anticipate the launch of spot exchange-traded funds (ETFs) in the United States.

According to data from Santiment, the volume of Ethereum flowing into both centralized and decentralized exchanges has increased by 116% over the past 24 hours, rising from 118,970 to 257,550 tokens.

Market Activity and Price Movements

This type of movement is typically seen in bearish market conditions, but the approval of spot ETH ETFs has spurred similar on-chain activity. Traders may be looking for short-term profits.

Data from the market intelligence platform also shows that Ethereum exchange outflows surged by 69% in the past day, increasing from 121,460 to 205,460 tokens. While the outflow suggests an accumulation trend, the inflow indicates potential short-term profit-taking.

Supply on Exchanges

Over the last 30 days, the total amount of ETH supply on exchanges grew by 1.2 million coins, rising from 18.41 million ETH on June 24 to 19.61 million ETH. This was largely due to the market-wide bearish momentum, which dropped Ethereum’s price from $3,500 to around $2,800 in early July.

Dormant Circulation

Long-term Ethereum holders slowed down their activity after a busy Monday on July 22. Santiment data shows that five-year dormant ETH circulation plunged from 16,888 to 3,022 coins in the past day. Five-year ETH holders remain optimistic about the second-largest cryptocurrency, bolstered by the U.S. SEC’s approval of spot ETH ETFs.

According to a crypto.news report, these investment products are set to start trading today, July 23.

Current Performance

Ethereum has seen a 1.3% increase in the past 24 hours, trading at $3,530. The asset’s market cap stands at $424.3 billion, with a daily trading volume of $21.5 billion.