The recent approval of spot Ethereum ETFs by the U.S. SEC has led to significant market movements, with approximately 777,000 ETH, valued at about $3 billion, being withdrawn from crypto exchanges since May 23. This has resulted in Ethereum exchange balances hitting their lowest levels in years, with only 10.6% of the total Ether supply currently on exchanges. The approval has also sparked bullish behavior among investors, anticipating a supply squeeze. Similarly, Bitcoin ETFs, launched four months ago, have seen a net inflow of 237,000 BTC. Institutional investors, including hedge funds, RIAs, and banks, have shown significant interest in these ETFs. The combined effect of these ETF approvals has led to a substantial reduction in Bitcoin and Ethereum exchange balances, signaling strong accumulation trends and potential for future price movements. Notably, Ark has abandoned its ETH ETF plans, while Bitcoin flirts with $70,000, and Ethereum is up 21% month-over-month.