- Reports have surfaced suggesting an investigation against the Ethereum Foundation.
- Record-breaking $720M worth of ETH that has been transferred to centralized exchanges.
The IntoTheBlock data shows that a wave of FUD is responsible for a significant change in the dynamics of the Ethereum (ETH) market. These opinions are crucial to the recent performance differences in Ethereum, according to analysts. According to IntoTheBlock, a blockchain data tracker, a large portion of the Ethereum community is reacting by shifting ETH to centralized exchanges (CEXes).
There is a wide range of trends for Ethereum during the last week, according to the IntoTheBlock On-Chain Insights newsletter. Ethereum fees for transactions have dropped 41% as interest in meme coins fades.
Ongoing FUD
Even more remarkable is the record-breaking $720 million worth of ETH that has been transferred to centralized exchanges. The investor seems to be wary in light of the increasing regulatory scrutiny of the cryptocurrency industry, particularly the second-biggest cryptocurrency by market cap, since this move represents the greatest weekly net inflow since September 2022.
Amid growing worries over Ethereum’s status as a security in the U.S, reports have surfaced suggesting an investigation against the Ethereum Foundation by the SEC.
The possibilities for the planned spot Ethereum ETF approvals, as well as Ethereum’s future regulatory environment, might be greatly affected by such a classification. Members of Congress and Coinbase CLO Paul Grewal’s criticisms show that many are unhappy with the SEC’s handling of digital currency legislation.
The price movement of Ethereum reveals a tale of perseverance among those with a longer time horizon, even while the regulatory landscape is facing difficulties. Persistent data shows that despite the prevalent FUD, the amount of Ethereum held for more than a year keeps reaching new levels.
Highlighted Crypto News Today:
Floki Inu Team Announces 2024 Roadmap with Exciting Features
