Santiment: Since the approval of the spot Ethereum ETF, most investors have withdrawn their ETH from exchanges

Golden Finance reported that according to the analysis of the on-chain data analysis platform Santimen, since the rumors about the US SEC reconsidering the rejection of the spot Ethereum ETF began on May 20, the supply of Ethereum held by entities with a balance of 10 million to 100 million ETH has increased by about 0.5%. After the spot Ethereum ETF was officially approved by the US SEC on May 2, this number continued to grow. On the contrary, during the rise in ETH prices, the supply of ETH held by entities with a balance of 1 million to 10 million ETH has dropped sharply, indicating profit-taking in the market. This trend shows that most investors are withdrawing their ETH holdings from cryptocurrency exchanges, which is also a sign of strengthening sentiment for holding ETH, which in turn increases the possibility that ETH will continue to rise above $4,000 in June.