Since the US approved the Ethereum ETF application, more than $30 billion of Ethereum has been withdrawn from exchanges

According to PANews, since the United States approved the Ethereum ETF19b-4 application on May 23, more than $3 billion worth of Ethereum has been withdrawn from centralized crypto exchanges (CEX), indicating that a potential supply crunch is imminent.

According to CryptoQuant, the amount of Ethereum on exchanges fell by about 797,000, or $3.02 billion, from May 23 to June 2. Lower exchange reserves mean fewer tokens are available for sale as investors move their tokens into self-custody for purposes other than immediate sale.

Glassnode data shared by BTC-ECHO analyst Leon Waidmann shows that the percentage of Ethereum’s circulating supply held by exchanges is also at its lowest level in years, at just 10.6%.