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Ethereum volumes heading to off-exchange wallets... a bullish sign

The amount of Ethereum (ETH) deposited by large holders into off-exchange wallets has reached its highest level since May 2018. This has led to speculation that the price of ETH could surge. On-chain analytics platform Santiment reported in a report on Friday that ETH deposits in exchange wallets among the top 100 holders of ETH hit a six-year low of $8.41 million ($11.6 billion).

In contrast, ETH holdings in non-exchange wallets reached an all-time high. "The top 100 Ethereum wallets were worth $68.39 million ($94.4 billion)," Santiment reported. The spike in the number of ETH held by whales that left exchanges and were deposited off-exchange has raised the possibility of an uptick in ETH prices. This is because cryptocurrencies that have left exchanges are generally considered to be off-limits for sale. "The fact that investors are storing ETH in external wallets rather than on exchanges is evidence that they are confident in the long-term appreciation of ETH," Santiment wrote.

Meanwhile, an Ethereum spot ETF is expected to hit the market this summer. In May, the SEC only approved the ETF's 19b-4 shelf registration statement, but not its S-1s, which are required for a full launch. The SEC's approval of the S-1s is a prerequisite for ETFs to be marketed and traded. As such, the current approval of the Ethereum spot ETF has been viewed as a "half-hearted approval" by many in and outside the market. However, SEC Chairman Gary Gensler told a U.S. Senate Appropriations Committee hearing on Wednesday that the agency is "considering approving an ETH spot ETF as soon as August."

“Zhao Changpeng's release from prison could boost BNB and 5 other altcoins”

With former Binance CEO Changpeng Zhao set to be released from prison on September 29th (local time), BeInCrypto reports that five altcoins are likely to see an uptick in value. BNB is one of the most prominent coins expected to see price movement following Zhao's release from prison.

blockchain crypto cryptocurrency French Hill blame Gary Gensler (SpotedCrypto)

French Hill : “SEC's approach to regulating crypto firms will only confuse markets”

During a hearing on the Securities and Exchange Commission (SEC) held by the U.S. House of Representatives' Financial Services Committee on March 18 (local time), Congressman French Hill criticized SEC Chairman Gary Gensler's approach to regulating cryptocurrency companies, saying that it is causing confusion and uncertainty

blockchain crypto cryptocurrency us fed ratecut 50bp (SpotedCrypto)

US Fed 'big cuts' interest rates by 0.5 percentage point to bring inflation closer to target, considers another 50 basis point cut later in the year.

The US Federal Reserve's (Fed) Federal Open Market Committee (FOMC) announced in an official statement that it will cut its benchmark interest rate by 0.5%. This is the first rate cut in nearly four years. The Fed raised rates from March 2022 through July of last year.

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