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Since the U.S. SEC approved spot Ethereum ETFs on May 23rd, approximately 777,000 ETH, valued at about $3 billion, have been withdrawn from crypto exchanges. This significant outflow, as reported by Glassnode and CryptoQuant, has led to a potential supply squeeze, with only 10.6% of the total Ether supply remaining on exchanges, the lowest in years. The approval last month has prompted bullish behavior among ETH holders.
#Bitcoin and #Ethereum exchange balances hit record lows as spot ETFs drive withdrawals via @hardeyjumoh https://t.co/z8h1DwnlBB
ETH SUPPLY SQUEEZE INCOMING - $3 BILLION WITHDRAWN FROM EXCHANGES - According to data from CryptoQuant, last month’s approval of spot #Ethereum ETFs in the United States has prompted bullish behavior among $ETH holders. - Since the May 23rd approval, data shows, more than $3… https://t.co/Mo2MPBYPbW https://t.co/13J8hkiqPn
Since the approval of #Ethereum ETFs in the U.S. on May 23, over $3 billion worth of $ETH has exited centralized exchanges, potentially signaling a supply squeeze. Currently, only 10.6% of the total Ether supply is on exchanges, the lowest in years. https://t.co/oOG5I00N4S
