Exchanges experienced record Ether (ETH) inflows as anticipation for the approval of spot Ethereum ETFs grows.
On May 28, on-chain analytics platform IntoTheBlock noted that the inflow of 140,660 ETH into exchanges this past Saturday was the highest since January. The platform also noted that such high inflows to exchanges indicate sell pressure, suggesting investors are either taking profits or responding to market fears.
Complementing this observation, CryptoQuant and Nansen Intelligence data noted a significant uptick in buying activity and ETH inflows on crypto exchanges. CryptoQuant’s on-chain analysis revealed that over 100,000 ETH was purchased in spot markets, setting a new record since September 2023. Nansen Intelligence further noted that the net flow of 81,840 ETH into exchanges over the past week indicates sustained investor interest.
Remarkably, the surge in activity isn’t limited to spot markets. Open interest in Ether-tracked futures has soared to a record $14 billion, reaching nearly 67% of Bitcoin’s open interest. Similarly, ETH futures trading on the Chicago Mercantile Exchange soared to a record notional $2.85 billion on Tuesday, indicative of the increasing institutional interest in this digital asset.
Market sentiment has been primarily influenced by the anticipation surrounding the approval of spot Ethereum ETFs.
Based on current trends and technical analysis, analysts foresee substantial price appreciation for Ether soon. A prominent crypto expert, Jelle believes Ether has completed an extensive accumulation phase and anticipates a bullish trajectory post-spot ETH ETF approval.
This took much longer than I anticipated, but people are finally seeing bull-market ethereum again.
3 years of re-accumulation completed, the ETFs have been approved.
It’s time to send $ETH into the stratosphere. pic.twitter.com/ZJH6Mo0XMR
— Jelle (@CryptoJelleNL) May 27, 2024
He remarked that while the process took longer than expected, market participants are now witnessing the resurgence of a bull market for Ethereum. Similarly, Michaël van de Poppe provided insights using the 7-day ETH/BTC chart, highlighting a bullish divergence in the relative strength index (RSI).
According to him, this divergence suggests the potential initiation of capital inflows into Ether, bolstering optimism among investors. The surge in Ether inflows and the excitement surrounding spot Ethereum ETF approval underlines the growing investor confidence in ETH.
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