👉👉👉 Crypto exchanges see $3B #Ethereum exit since #ETF✅ approvals

Ether Supply on Exchanges Hits Lowest Level in Years Amidst ETF Approvals

- Currently, only 10.6% of the total Ether supply is held on centralized crypto exchanges, marking its lowest level in years. Since the approval of spot Ether exchange-traded funds (#ETFs ) in the United States on May 23, over $3 billion worth of Ether has been withdrawn from these exchanges, indicating a potential upcoming supply squeeze.

- Between May 23 and June 2, the Ether held on exchanges decreased by about 797,000 ETH, valued at $3.02 billion, according to CryptoQuant. This decline indicates fewer coins available for immediate sale as investors transfer their holdings to self-custody for reasons other than selling.

- Glassnode data, shared by BTC-ECHO analyst Leon Waidmann, confirms that the percentage of circulating Ether supply held on exchanges is at its lowest level in years, at just 10.6%.

Ethereum ETFs Paving the Way for New ATH

- Last week, Bloomberg ETF analyst Eric Balchunas suggested that Ether ETFs have a “legit possibility” of launching by late June. Some analysts believe that the introduction of spot Ether ETFs could help Ether surpass its November 2021 all-time high (ATH) of $4,870 due to increased demand, similar to the impact of spot Bitcoin ETFs when they launched in January.

- Michael Nadeau, a #DEFI Report crypto analyst, noted that Ether might benefit more from demand pressures than #bitcoin due to its lack of "structural sell pressure." Unlike Bitcoin miners, Ethereum validators do not need to sell Ether to cover operational costs.

Concerns Over Grayscale’s Ethereum Trust

- Concerns about Grayscale's $11 billion Ethereum Trust (ETHE) arise from the potential for significant outflows, similar to the Grayscale Bitcoin Trust's $6.5 billion outflows in its first month, which could impact Ether's price.

- As of now, Ether is trading at $3,781, down 0.82% over the past 24 hours and approximately 23% below its all-time high, according to CoinMarketCap.

Source - cointelegraph.com