The approval of Ethereum ETFs seems to have recorded unprecedented trading activity on Binance, with increases in the price and performance of ETH.
Summary
ETF on Ethereum: Binance reports the price increase of ETH after approval by the SEC
Binance seems to want to emphasize that, since the spot Ethereum ETFs in the USA were approved by the Securities and Exchange Commission, ETH is experiencing an increase in price and performance on the crypto-exchange.
In its press release, Binance stated that the market response to the approval of the Ethereum spot ETF that occurred last May 23, was extremely positive.
In practice, Binance reports the milestones of Ethereum (ETH), in terms of price and performance. Specifically, the crypto-exchange states that the price of ETH had already increased on May 20, when Bloomberg ETF analysts had declared an increase in the probability of approval of the ETH spot ETF from 25% to 75%.
Not only, from May 20 to 23, the price of ETH rose from about 3,080 to 3,910 dollars, further rising above 3,950 dollars in the following days.
Even in terms of volume di transazioni, it seems that ETH has experienced a surge: a jump from 6.6 million transazioni on May 20 to 9.8 million on May 28, with an increase of +48%.
Just these two factors alone had shown during that period that there was a positive sentiment driving ETH activities, around what was later the news of the approval.
ETF on Ethereum: the price and other milestones of ETH recorded by Binance only with the approval
Binance has also provided other metrics to assert that the approval of Ethereum ETFs by the SEC has increased ETH activity on the crypto-exchange.
In fact, Binance talks about the “Net Taker Volume”, a metric that measures the difference between the buying and selling volume through market orders. Since May 20, this Net Taker Volume has increased drastically, with users on Binance starting to buy large quantities of Ethereum.
In fact, Binance claims that on those days ETH purchases exceeded sales by 530 million dollars. This led to recording the record as the largest volume of Ethereum purchases ever seen before on the global crypto-trading platform.
Speaking of afflussi di ETH su Binance, it seems that there is a new record here as well. On May 21, Binance recorded a net flow of 145,777 ETH, the highest daily level since May 2023.
Finally, and not least, between May 19 and 23, Binance recorded an 80% increase in institutional registrations, highlighting the growing legitimization of ETH and cryptocurrencies among the same institutional investors.
The comment of the CEO of Binance Richard Teng
Returning to the late May period, then, even the CEO of Binance, Richard Teng had publicly commented on the approval of spot Ethereum ETFs.
Teng described the moment as a “milestone” for the entire crypto sector and that with this recognition, there was an acceptance of crypto within traditional frameworks.
Not only acceptance and recognition, but also a further confirmation of the legitimacy of Ethereum as an asset.
While awaiting the official launch on the exchanges of the 9 Ethereum spot ETFs approved in the USA, the Bitcoin spot ETFs are instead recording outflows.
In fact, it seems that in the last two weeks, spot Bitcoin ETFs have reached 1.3 billion dollars in outflows, with Grayscale GBTC leading the ranking, and BTC dropped to 60,000$.
