TechFlow News, according to Cryptoquant analyst burakkesmeci, after the approval of Ethereum spot ETFs on May 24, 2024, an unknown individual or institution withdrew over 800,000 ETH—worth approximately $3 billion—from exchanges within eight days. The specific buyer's identity remains unclear.
He believes this could be large investors or individuals anticipating price increases, or institutions preparing for the launch of spot ETFs. Regardless, this large-scale withdrawal is expected to have a positive impact on mid-term prices.
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