ETH is being sucked dry on CEX

Since the U.S. approved the Ethereum ETF 19b-4 application on May 23, the amount of Ethereum on exchanges has dropped by about 797,000, equivalent to $3.02 billion, as Cointelegraph reported. Lower exchange reserves mean fewer tokens 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%.