An analyst and trader who specializes in on-chain data has revealed that there has been a significant outflow of Ethereum from crypto exchanges following the approval of spot ETH exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Ali Martinez, who has a substantial following on the social media platform X, shared that market participants have withdrawn a staggering 777,000 ETH, equivalent to $3 billion, from exchanges. This indicates a strong interest in Ethereum as an investment asset.
In addition to Ethereum, Martinez also discussed the movements of Toncoin (TON), a layer-1 protocol. According to the analyst, wealthy investors have been actively transferring large amounts of TON, with transactions over $100,000 surging by 237.5% within a 24-hour period. This uptick in whale activity suggests a strategic shift in investment strategies and positions.
As for Bitcoin, Martinez believes that the leading cryptocurrency has the potential to reach a new all-time high if it manages to break through its diagonal resistance. Bitcoin’s recent price action indicates a breakout from a symmetrical triangle pattern, and a sustained close above the $69,330 resistance level could propel BTC to $74,400.
At the time of writing, Ethereum is trading at $3,776, showing a slight decrease in value over the past day. TON, on the other hand, is priced at $6.81, experiencing a 1.24% decline in the last 24 hours. Bitcoin is currently valued at $68,938, reflecting a 1.56% increase in the past day.
Please note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Any transfers or trades made are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
