Following the approval of the spot Ethereum ETFs, a total of 160,930 ETH have been added to Coinbase over the past two days, as reported by CryptoQuant. An amount worth almost $565 million.

On July 23rd, the Securities and Exchange Commission (SEC) granted its approval for nine Ethereum exchange-traded funds (ETFs) to begin trading. This approval came just seven months after the first spot Bitcoin ETFs were introduced.

BlackRock’s Ethereum ETF received a sizeable transfer from Coinbase Prime on the very first day after trading started. Meanwhile, Grayscale is actively moving Ethereum into and out of the same platform.

Behind the Scenes of this Entry

Grayscale, which made net sales of $811 million in the first two trading days, appears to be responsible for these massive Ethereum inflows, according to the prominent cryptocurrency expert, Burak Kesmeci.

When we look at the data on Ethereum’s flow during the past 48 hours, we can see that 47,811 pairs of Ethereum have also left the Coinbase exchange. Despite this, there was a large amount of selling pressure brought about by the net inflows of around 113,119 Ether.

Impact on Ethereum’s Price

Immediately following the ETFs, traders took advantage of the chance to extract profits, which resulted in a significant decline in prices. The token dropped from the consolidation close to $3500 to the current levels at around $3200 after rebounding from $3000.

It is signaling a wave of sell pressure is in effect. Trading volume of ETH has also fallen by about 20% to $20 billion. The market cap is currency sitting at $390 billion.