According to Cointelegraph: Centralized cryptocurrency exchanges have seen more than $3 billion worth of Ethereum (ETH) exit their platforms since the approval of spot Ether exchange-traded funds (ETFs) in the United States on May 23, indicating a potential impending supply restriction. CryptoQuant data shows that the amount of Ether on exchanges decreased by around 797,000, equivalent to $3.02 billion, between May 23 and June 2.

These lower exchange reserves suggest a declining availability of coins for sale as many investors are choosing self-custody of their coins for purposes beyond immediate selling. According to Glassnode data shared by BTC-ECHO analyst Leon Waidmann, the percentage of circulating Ether supply held on exchanges is at its lowest in years, at 10.6%.

Bloomberg ETF analyst Eric Balchunas suggested last week that Ether ETFs could possibly debut by late June, paving the way for ETH to possibly breach its November 2021 all-time high of $4,870, similar to Bitcoin's performance post-ETF trading.

ETH value might experience higher demand pressures than Bitcoin, as Ethereum doesn't have the same level of "structural sale pressure," noted Michael Nadeau, crypto analyst with DeFi report. He explained that Bitcoin miners often need to sell BTC to cover mining costs, while Ethereum validators do not incur similar expenses.

However, concerns exist around the possible impact of Grayscale's Ethereum Trust (ETHE), managing $11 billion in funds, on ETH prices, similar to Grayscale Bitcoin Trust's (GBTC) influence on BTC prices.

Ether is currently trading at $3,781, down 0.82% over the last 24 hours and around 23% below its all-time high, as per CoinMarketCap.