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Ether Rally Sparks Influx of Over $300 Million in ETH to Crypto Exchanges: Nansen | Currency News | Financial and business news
Ether {{ETH}} holders are sending assets to cryptocurrency exchanges at the fastest pace in nearly four months, following the cryptocurrency’s rally on growing anticipation of approval of a cash exchange-traded fund in the United States.
Blockchain data by Information Nansen shows on Tuesday that net inflows to exchanges reached 81,840 ETH, worth approximately $306 million at current prices, the highest amount in a day since January 23.
Tuesday was also the third consecutive day of inflows, marking a break from the general trend of decreasing ETH balances on exchanges, according to Nansen data. The last time ETH saw consecutive days of inflows to exchanges was in March, close to this year’s crypto price peak.
Moving assets to exchanges typically signals an intention to sell, while traders typically remove tokens from platforms if they wish to hold purchases for the longer term.
The surge in inflows could signal short-term profit-taking after ETH soared to over $3,800 from around $3,000 in a day, note David Shuttleworth, research partner at Anagram.
“My feeling is [that] individuals are capturing a rapid 30% price increase that happened in less than 24 hours,” Shuttleworth said in a direct message on X.
The rally came as the chances of a U.S. regulatory deal for spot ETH ETFs jumped almost overnight, with regulators asking issuers to update their applications after months of lack of engagement.
Learn more: Ether ETF filing process making rapid progress, although approval not guaranteed: sources
This story was originally published on Coindesk