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$3,000,000,000 in Ethereum Has Left Crypto Exchanges Since SEC Approved Listing of ETH ETFs, Says Analyst

June 04, 2024

An on-chain analyst and trader says crypto exchanges have been witnessing massive Ethereum outflows since the listing approval of spot ETH exchange-traded funds.

Ali Martinez tells his 63,500 followers on the social media platform X that market participants have taken out 777,000 ETH worth $3 billion from crypto exchanges since the U.S. Securities and Exchange Commission (SEC) green-lighted spot ETH ETFs last month.

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At time of writing, Ethereum is trading at $3,776, a fractional decrease in the past day.

Turning to fellow layer-1 protocol Toncoin (TON), the analyst says deep-pocketed investors have been busy moving the altcoin.

“The number of large Toncoin transactions (over $100,000) has surged by 237.5% in 24 hours!

This significant increase in TON whale activity suggests a strategic shift in their investments and positions.” 

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At time of writing, TON is trading at $6.81, down 1.24% in the last 24 hours.

Looking at Bitcoin (BTC), Martinez says the crypto king may print a new all-time high if it manages to trade above its diagonal resistance.

“Bitcoin appears to be breaking out from a symmetrical triangle! A sustained close above the $69,330 resistance level could send BTC to $74,400.” 

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At time of writing, Bitcoin is worth $68,938, up 1.56% in the past day.

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