800K ETH Outflows Following The Spot ETH ETF Approval

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After the groundbreaking spot ETH ETF approval, there has been an 800K ETH withdrawal from exchanges worth approximately $3 billion in 8 days. Analyst Burak Kesmeci has two assumptions as to what might have driven this. It could be whales or individuals who think that the price will rise after spot ETH ETF approval. Or it could be the institutions preparing for spot ETFs behind the heavy outflow of 8 days to meet the demand of their investors. He also states that the withdrawal will have a positive impact on the price in the medium term.