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Ethereum's scarcity is outpacing Bitcoin as ETF anticipation and rising investor interest drive a significant demand surge for ETH.
Analyzing Ethereum and Bitcoin Exchange Balances
The digital currency Ethereum (ETH) may be experiencing more scarcity than previously anticipated, according to measurements. The on-chain data shows that Ethereum is now being added to the network at a rate that surpasses Bitcoin.
Data insights from BTC-Echo's @LeonWaidmann indicate that Ethereum is actually getting scarcer than Bitcoin. There are measures that reveal how Bitcoin and Ethereum have performed individually, but their correlation according to exchange balances is equally important.
The current Ethereum exchange balance is 10.189%, as shown in the accompanying Glassnode data that Waidmann shared. On the other hand, Bitcoin's figure is 15.08%, which indicates that the gap is getting smaller.
ETF Anticipation Drives Market Behavior
Ethereum (ETH) demand has increased after discussions for a spot Ethereum ETF became public. Trading platforms were overwhelmed as investors began buying Ethereum at a feverish pace. When you consider that Wall Street money is expected to purchase Ethereum upon the ETF launch, the investor action makes sense.
Coingape shares that the current trend in spot Bitcoin ETF products lends credence to this prediction. Renowned companies such as Susquehanna International Group (SIG) poured resources into purchasing the Bitcoin ETF when it debuted in January. As a result of the buyups, the price of Bitcoin reached an ATH of $73,750.07.
Current Ethereum Price Movements
The impact on the price of Ethereum is not apparent, even if the Ethereum exchange balance is depleting quickly. Ethereum is trading at $2,983.03 per coin, a decrease of 2.31% over the last 24 hours. The low point in the coin's 24-hour trading price history is $2,956.99, while the maximum point is $3,080.11.
At this point, the US Securities and Exchange Commission's decision, which has been eagerly anticipated for a long time, will determine the further development of Ethereum. Awaiting S-1 is imminent after it approved the 19b-4 forms for the spot Ethereum ETF application a few weeks ago.
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