Ethereum, the second-largest cryptocurrency by market capitalization, has surged past the $2250 mark, currently trading at $2266 with a 2% increase over the past 24 hours. 

This upward momentum comes despite recent reports indicating significant deposits by Celsius and FTX to centralized exchanges (CEXs).

Spotonchain’s on-chain reports reveal that Celsius and FTX collectively transferred $59.06 million in 6 assets to CEXs in the recent hours. Celsius, in particular, moved 22,500 $ETH ($50.78 million) to Coinbase at $2,257, significantly reducing its ETH holdings to around 39,969 $ETH ($90.9 million). Meanwhile, FTX and Alameda withdrew $8.28 million in 6 assets, including $ETH, $OKB, $MTL, $PROM, $YFII, and $CREAM.

Notably, FTX and Alameda have moved out a staggering $707 million worth of 91 tokens since October 24, 2023, signaling significant activity in the crypto space.

Furthermore, Intotheblock’s data indicates that fees for Bitcoin and Ethereum have experienced a more than 30% drop as market volatility subsided, resulting in less urgent transactions for consumers.

Ethereum ETFs Talks Gets Serious, Eyes Set On May At 60% Chance

Amid ongoing discussions surrounding a potential Ethereum ETF approval, Bloomberg analyst James Seyffart suggests that the likelihood of spot Ethereum ETFs gaining approval in May stands at approximately 60%. 

Bloomberg analyst James Seyffart said the chance of spot Ethereum ETFs being approved in May is about 60%, but the SEC has many ways to delay it. If the SEC is willing to approve, they will likely do so on May 23. If approval in May is unsuccessful, Seyffart said the resolution…

— Wu Blockchain (@WuBlockchain) January 27, 2024

However, the Securities and Exchange Commission (SEC) has multiple options to delay the process. If the SEC approves on May 23, Seyffart believes the resolution could be implemented. Otherwise, the resolution may be delayed until 2025.

As Ethereum continues to experience price fluctuations and regulatory scrutiny, investors and traders closely monitor developments in the cryptocurrency market for potential impacts on their portfolios.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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