According to an analyst and trader, there has been a significant outflow of Ethereum from crypto exchanges since the approval of spot ETH exchange-traded funds (ETFs). Ali Martinez, who has a substantial following on the social media platform X, reports that market participants have withdrawn 777,000 ETH worth $3 billion from exchanges since the U.S. Securities and Exchange Commission (SEC) gave the green light to spot ETH ETFs last month.

In addition to Ethereum, Martinez also mentions the movement of Toncoin (TON), a fellow layer-1 protocol. He notes that deep-pocketed investors have been actively transferring large amounts of TON, with the number of transactions over $100,000 surging by 237.5% in the span of 24 hours. Martinez believes this indicates a strategic shift in their investment strategies and positions.

Switching gears to Bitcoin, Martinez suggests that the cryptocurrency may reach a new all-time high if it manages to trade above its diagonal resistance. He states that Bitcoin seems to be breaking out from a symmetrical triangle and predicts that if it can sustainably close above the $69,330 resistance level, it could potentially reach $74,400.

As of now, Ethereum is trading at $3,776, showing a slight decrease in the past day. TON, on the other hand, is trading at $6.81, experiencing a 1.24% decline in the last 24 hours. Bitcoin is currently valued at $68,938, representing a 1.56% increase in the past day.

It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The article also highlights that The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor.