Over $3 Billion Worth of ETH Withdrawn from CEXes Since Approval of US Ether ETFs
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of spot Ether exchange-traded funds (ETFs) in the United States on May 23, over $3 billion worth of Ether has been withdrawn from centralized crypto exchanges (CEXes), indicating a potential upcoming supply squeeze.
Data from CryptoQuant reveals that between May 23 and June 2, the amount of Ether held on exchanges decreased by approximately 797,000 ETH, equivalent to $3.02 billion.
The decline in exchange reserves suggests that fewer coins are available for immediate sale as investors transfer their holdings to self-custody for various purposes, beyond immediate selling.
Further data shared by BTC-ECHO analyst Leon Waidmann, sourced from Glassnode, highlights that the percentage of circulating Ether supply held on exchanges is currently at its lowest level in years, standing at just 10.6%.
The decrease in available supply on exchanges may contribute to increased demand pressure on Ether.
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