Ethereum ETF Deadline Nears As ETH Targets $3k Amidst Market Volatility

As Ethereum strives to reclaim the $3,000 trading price, investors eagerly await the deadline for three spot Ethereum ETF applications, scheduled for May 25th.

Today, Ethereum shows signs of resilience with a 2% gain, currently trading at $2,974. However, market volatility looms as the deadline approaches.

Recent data indicates a significant decrease in the inflow volume of stablecoins on Ethereum exchanges, dropping below average quarterly figures and marking a 2.6 times decrease compared to Bitcoin’s local peak at $73,000. While this decline raises concerns, it doesn’t necessarily signal the end of the bull cycle.

Despite prevailing market negativity, on-chain data offers no definitive signals indicating an imminent end to the bull run, leaving investors cautiously optimistic.

Other Notable ETH Whales Transfer To Exchanges

Spotonchain data highlights the activity of an early Ethereum holder, 0x2ce, who deposited 4,153 ETH ($12.2 million) to Coinbase at $2,931. This whale’s history dates back to 2016 when they withdrew 12,423 ETH from Poloneix at approximately $11.03 ($137,000). 

Since 2021, they’ve deposited 9,436 ETH to Coinbase and Luno at an average of $2,245 ($21.2 million), holding 2,566 ETH ($7.48 million) currently. Their estimated total profit stands at $28.5 million, marking a remarkable 204% increase.

As the Ethereum ecosystem navigates through market uncertainties and ETF deadlines, investors remain vigilant, hoping for a resurgence in Ethereum’s price and broader market stability in the days ahead.

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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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

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