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In the context of the US Securities and Exchange Commission’s (SEC) approval of the Ether futures exchange traded funds (ETFs), investors in Ethereum are displaying signs of bullish sentiment. On chain data around crypto exchanges reflects a clear narrative that self custody of tokens is on the rise. Is this a bullish sign for ETH price?
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Ethereum Exchange Outflows
On chain data from Santiment shows that the number of ETH tokens sitting on exchanges currently is at five year low range. This is due to rise in self custody of tokens since mid-August 2023. The exchange outflow was at its highest on Wednesday, October 4, 2023. Further,
“Ethereum saw about 110,000 ETH ($181 million) move off of exchanges Wednesday, the largest outflow day since August 21, 2023. The amount of non-exchange Ethereum now sits at an all time high of 115.88 million ETH.”
Historically, an increase of token outflow from crypto exchanges has been a bullish sign and signals potential volatile sentiment going forward. In addition to the on chain data on investor movements, the wider regulatory scope is also in favor of a possible ETH price rally.
Ether ETFs
On October 2, 2023, several Ether futures products from the likes of BitWise, ProShares, and VanEck were launched. This triggered an immediate spike in the Ethereum price, and hence giving bigger hopes of an upcoming bull run for the token.
Meanwhile, the hopes of a spot Bitcoin ETF approval by the end of 2023 were dampened with the recent delay in decision making by the SEC in various filings by the likes of Blackrock and Valkyrie. However, optimism around approval still remains high thanks to the crucial ruling in the Grayscale lawsuit. In a new development, the company filed with the US SEC for conversion of its Ethereum Trust (ETHE) into a spot Ethereum ETF.
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