SEC’s rumored rejection of Ethereum ETFs prompts uncertainty in the market, casting a shadow over the fate of Ethereum and other altcoins. Traders anxiously await the SEC’s decision on spot Ethereum ETF proposals in May, as it could have a significant impact on ETH. Despite the recent approval of spot Bitcoin ETFs and the anticipation surrounding the BTC halving, bearish sentiment is rising among traders due to indications that the approval may not be imminent.
Amidst this uncertainty, Ethereum has seen a surge in its price, surpassing the $3,000 mark, while simultaneously witnessing significant outflows from exchanges. This suggests that investors have confidence in further price appreciation. Notably, Titan of Crypto, a well-known analyst, has highlighted a substantial outflow of over 260,000 ETH, equivalent to more than $781 million, from exchanges in the past week.
In addition, notable figures like Justin Sun have been accumulating ETH, with recent data showing significant withdrawals from exchanges. Analysis indicates that Ethereum’s net deposit on exchanges has increased compared to the previous week, indicating a shift towards selling among investors. However, whale accumulation of Ethereum remains unaffected, as evidenced by the continued rise in ETH’s supply held by top addresses.
Currently, ETH is trading at $3,147.75 with a 0.45% drop, while the trading volume is down 4.07%.
