“Amount of ETH deposited in external wallets of exchanges, highest in 6 years”
“Ethereum value held by top 100 wallets, KRW 94.4 billion”
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Santiment, an on-chain analysis platform, reported in a report published on the 15th that the amount of Ethereum deposited in exchange wallets ranked in the top 100 in Ethereum holdings reached $8.41 million (about KRW 11.6 billion), the lowest in the past six years.
On the other hand, the amount of Ethereum held in wallets outside the exchange reached an all-time high. The Santiment report analyzed that “the value of the top 100 Ethereum wallets is $68.39 million (approximately KRW 94.4 billion).”
As the number of Ethereum whales leaving the exchange and deposited externally soared, the possibility of an increase in the price of Ethereum was mentioned. This is because generally, cryptocurrency that has left the exchange is considered a quantity that is excluded from the possibility of being sold.
Santiment wrote, “The fact that investors are depositing Ethereum in external wallets rather than exchanges is evidence that they are confident in the rise in value of Ethereum from a long-term perspective.”
Meanwhile, the Ethereum spot ETF is likely to be launched on the market this summer. Previously, in May, the SEC only approved '19b-4', the ETF review request, but did not approve S-1s, the securities report for official launch. SEC's S-1s approval is a required process for ETF market launch and trading.
As such, the approval of the current Ethereum spot ETF has been evaluated as a ‘half-approval’ both inside and outside the market. However, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler attended the U.S. Senate Appropriations Committee hearing on the 13th and said, “We are considering approving an Ethereum spot ETF within August.”
Reporter Seungwon Kwon ksw@
