Ethereum Sees $2.3B Influx Amid ETF Approval Speculation

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The Essentials in Brief

Ethereum (ETH) recently saw a notable influx of approximately $2.3 billion, triggered by a significant price movement. This increase led to a substantial volume of short liquidations and marks the second largest influx volume within a year. These developments come at a time when speculation about the imminent approval of an Ethereum-based ETF is intensifying. Analysts suggest that institutions may be preparing for this approval in advance.

Ethereum Sees Significant Influx in Exchanges

According to an analysis by AMBCrypto on CryptoQuant, traders have begun to take advantage of Ethereum’s recent price increase. On May 21, about 627,770 ETH, worth over $2.3 billion, was transferred to exchanges. This represents the second largest influx volume in over a year. At the time of publication, the influx volume had already exceeded 100,000 ETH, suggesting more ETH was deposited into exchanges than withdrawn.

Ethereum Shorts Experience Increased Liquidation

Another effect of Ethereum’s recent price increase was a rise in liquidation volume. Short-term traders experienced significant liquidations in recent days. On May 20, about 20,558 ETH, worth over $75.2 million, was liquidated. This marks the second highest volume of short liquidations within a year.

Institutions Preparing for ETF Approval?

Amid the price increase, there is growing speculation about the imminent approval of an Ethereum ETF. Some analysts believe that institutions are already preparing for this approval. An analysis by CryptoQuant showed notable outflows of ETH on Coinbase in the months of March and April, which could suggest that institutions are positioning themselves similar to before the announcement of the Bitcoin ETF approval.

ETH Experiences Slight Decline

After a 19% increase on May 20, Ethereum briefly reached approximately $3,661. This upward trend continued, and on May 21, ETH reached approximately $3,789, representing an increase of 3.50%. At the time of this writing, Ethereum was trading at approximately $3,749, representing a slight decline of just over 1%.

Our Assessment

Recent developments around Ethereum, particularly the significant influx into exchanges and speculation about an imminent ETF approval, paint an optimistic picture for the future of ETH. The preparations of institutions could be a strong sign of confidence in Ethereum as a long-term investment. While the slight price decline could represent a natural correction, interest in Ethereum and the prospect of an ETF approval remain a key factor that could influence price development in the coming months.

Sources: AMBCrypto, CryptoQuant

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