Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
According to the on-chain analytics company In the block, Ethereum, the second largest cryptocurrency by market value, has seen significant outflows from exchanges in recent weeks. Over $1 billion worth of ETH was withdrawn from crypto exchanges during this period.
Ethereum saw $320 million in exchange outflows this week and over $1 billion in the previous three weeks. Currency outflows often indicate that investors are moving funds from centralized exchanges to private wallets.
One of the main arguments for increasing FX outflows is that long-term investors are withdrawing their assets to hold them for longer. This can be seen as a vote of confidence in the long-term prospects of the cryptocurrency.
ETH was down 1.39% over the past 24 hours at $1,938 at the time of writing. According to IntoTheBlock, Ethereum fees have increased alongside market volatility and DeFi volumes.
Loyalty Files for Ethereum ETF
According to Bloomberg analyst James Seyffartfinancial management giant Fidelity participated in the Ethereum ETF spot competition by filing a 19b-4 with the CBOE.
Fidelity will be the seventh entity to file for an Ethereum spot ETF, according to Seyffart.
According to a filing Friday, Fidelity plans to launch an exchange-traded fund that owns Ethereum’s ETH, joining rival BlackRock in the crypto adoption drive.
The Fidelity Ethereum fund would be listed on a Cboe Global Markets exchange, but the SEC must decide whether to authorize the Ethereum ETF, as it would others, including BlackRock’s.
In the latest development, the Securities and Exchange Commission this week delayed its decision on whether to approve the Hashdex Nasdaq Ethereum ETF, which seeks to hold both Ethereum spot contracts and futures contracts.
The SEC said it needed more time to act and would make a decision by January 1, 2024.
