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Santiment: Since the approval of the spot Ethereum ETF, most investors have withdrawn their ETH holdings from the exchange

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2024-06-01 14:48:59
According to on-chain data analytics platform Santimen, since rumors began on May 20 about the U.S. SEC reconsidering the spot Ethereum ETF rejection decision, the Ethereum supply held by entities with balances of 10 million to 100 million ETH has increased by about 0.5%, and this number continues to grow after the spot Ethereum ETF was officially approved by the U.S. SEC on May 2.
Conversely, the supply of ETH held by entities holding balances between 1 million and 10 million ETH fell sharply during the ETH price rally, implying profit-taking in the market. This trend suggests that most investors are withdrawing their ETH holdings from cryptocurrency exchanges and is a sign of heightened holding sentiment, which in turn increases the likelihood that ETH will continue to rise above $4,000 in June.
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