Ethereum’s Top Exchange Wallets Hit All-Time Low As Non-Exchange Holdings Surge Ahead Of ETH ETF Launch

The cryptocurrency landscape is witnessing a notable shift as the top 100 Ethereum wallets on exchanges have dropped to an all-time low of 8.41 million $ETH, a figure not seen since May 2018.

This decline indicates an increasing distribution of Ethereum holdings over time.

In stark contrast, the top 100 non-exchange wallets now hold an all-time high of 68.39 million $ETH, highlighting a trend where significant amounts of Ethereum are being moved off exchanges and into private wallets. This trend could suggest that investors are increasingly confident in holding Ethereum long-term rather than trading it on exchanges.

The top 100 Ethereum wallets on exchanges recently fell below its May, 2018 all-time low, now at 8.41M total $ETH. This is a sign of increasing distribution over time.

Meanwhile, the top 100 non-exchange wallets tell the opposite story, holding an all-time high 68.39M $ETH. pic.twitter.com/OS0t4ByaNQ

— Santiment (@santimentfeed) June 14, 2024

Adding to the bullish sentiment, institutions are actively pushing for the launch of spot ETH ETFs. Contrary to earlier expectations of a later launch, the $ETH ETF is now set to go live by July 2nd.

This accelerated timeline has positively impacted Ethereum and its associated memecoins, such as $FLOKI and $PEPE, which have shown impressive strength in recent market movements.

UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next…

— Eric Balchunas (@EricBalchunas) June 14, 2024

Ethereum Could Be Set Up For A Potential Rebound

Analyst Ali Martinez has noted on X that the TD Sequential indicator has issued a buy signal on the Ethereum daily chart, predicting a potential rebound spanning one to four daily candlesticks for $ETH. This technical analysis suggests a short-term bullish trend, further encouraging investors.

The TD Sequential has issued a buy signal on the #Ethereum daily chart, predicting a rebound of one to four daily candlesticks for $ETH! pic.twitter.com/yHvZehI45D

— Ali (@ali_charts) June 15, 2024

The upcoming launch of the ETH ETF is a significant milestone for Ethereum, potentially paving the way for increased institutional investment and broader market acceptance. As the launch date approaches, market participants are keenly observing the impact on Ethereum’s price and overall market dynamics.

In summary, while Ethereum’s exchange-held assets reach record lows, off-exchange holdings are soaring, signaling strong investor confidence.

The imminent ETH ETF launch is set to be a game-changer, fostering further growth and stability in the Ethereum ecosystem. With technical indicators also favoring a rebound, the near-term outlook for $ETH appears promising.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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