$3B in Ethereum Exits Exchanges After ETF Approvals!

Over $3 billion worth of ETH has been removed from centralized crypto exchanges since the May 23 approval of spot Ether ETFs.

Author

Danielle du Toit
June 03, 2024

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Here's what we've got for you today:

  • Crypto Exchanges See $3B Ethereum Exit Since ETF Approvals

  • GameStop Rallies Overnight as Roaring Kitty Reveals $180M GME Position

  • Coinbase Claims the SEC is Set on Choking the Crypto Industry

  • Notcoin Becomes Top 50 Crypto as Telegram Game Goes Viral

Over $3 billion worth of ETH has been removed from centralized crypto exchanges since the May 23 approval of spot Ether ETFs.

  • Between May 23 and Jun. 2, the amount of ETH on exchanges decreased by about 797,000, equivalent to $3.02 billion.

  • Only 10.6% of the total ETH supply is currently held on centralized crypto exchanges, the lowest level in years.

  • Unlike Bitcoin miners, Ethereum validators do not face the same operating expenses, which could allow ETH to benefit a bit more from demand pressures, according to crypto analyst Michael Nadeau.

Keith Gill, the trader linked to the 2021 GME short squeeze, has returned to Reddit claiming he’s made a big bet on GameStop.

  • GameStop (GME) surged over 19% in overnight trading after Keith Gill, known as "Roaring Kitty," posted on Reddit that he holds $181.4 million worth of GME stock and call options.

  • Gill, who was a major influence in the 2021 GME short squeeze, shared a screenshot showing he bought 5 million GME shares for $115.7 million and invested $65.7 million in call options, betting GME would reach at least $20 a share by Jun. 21.

  • GameStop closed at $23.14 on Friday, May 31, with shares up 38.8% this year, according to Google Finance.

Coinbase accused the SEC of choking the crypto industry through its regulation-by-enforcement approach.

  • In a May 31 filing with the U.S. Court of Appeals, Coinbase argued that the SEC is serious about the destruction of digital assets and refuses to establish clear and fair industry guidelines.

  • Coinbase called the SEC’s approach pointless and undeserved. The exchange also stated that the agency does not facilitate easier compliance and believes its rules are effective because of past legal actions against firms.

  • Coinbase’s opinions certainly reflect those of some SEC commissioners who believe the agency’s actions are harming the growth of the digital assets industry.

The price of Notcoin (NOT) jumped over the weekend after a surge in popularity and user base.

  • Notcoin (NOT) is up 17.62% in the past 24 hours after reaching a high of $0.02940 over the weekend.

  • Traders have since taken profits, driving the price a bit lower, but NOT is on the verge of entering the top 50 cryptocurrencies by market cap after surging by almost 300% in the past week.

  • NOT was listed on Binance in mid-May, and has seen a steady price increase. Additionally, 35 million users have joined its Telegram-based game in three months.

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