Crypto Whales Withdraw $3 Billion in ETH from Exchanges After Spot Ethereum ETF Approval
A recent analysis by CryptoQuant highlights that unidentified entities have withdrawn over 800,000 Ethereum (ETH) from crypto exchanges, valued at approximately $3 billion.
The migration of such a large volume of ETH from exchanges typically indicates a preference for holding assets in self-custodial platforms. This situation leads to tighter supply conditions on crypto exchanges.
Therefore, Kesmeci projected that the current withdrawals would positively influence Ethereum’s price in the medium term. The reduction in exchange-held ETH often hints at a future supply squeeze, potentially driving prices higher as availability diminishes.