🚨 $3B ETH Withdrawal Signals Potential Supply Squeeze for #Ethereum
🤔 Following the approval of spot ETH ETFs on May 23, 797,000 $ETH worth over $3 billion has been withdrawn between May 23 and June 2, signaling a potential upcoming supply squeeze.
👀 The significant reduction in exchange reserves suggests that investors are transferring their Ether to self-custody solutions, preferring holding over immediate selling.
🚀 The decrease in available supply might contribute to increased demand pressure on ether. Besides, the percentage of circulating Ether supply held on exchanges is currently at its lowest in years at just 10.6%.
