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USD deposits are moving onto Ethereum


In the same month, spot funds pulled $955 million out of Ether
On Friday, I said to watch how U.S. stocks move first. Nasdaq futures are up just over 1% this morning
Crypto only followed with a half-point gain, to 2,435
Deposit tokens are IOUs for dollars. On-chain, they’re still dollars
Banks want an auditable ledger. Whether the price rises is irrelevant
This news drives settlement volume, but that won’t feed buying demand
This month, Ether fell from 2,777 to 2,435, down 12%
Funds are still flowing out
I’m betting 2,318 will be tested again
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ETHETH+1.04%
NAS100NAS100+2.22%


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