Crypto exchanges see $3B Ethereum exit since ETF approvals
Only 10.6% of the total Ether supply is currently on centralized crypto exchanges, its lowest level in years.
Over $3 billion worth of Ether (ETH) has been removed from centralized crypto exchanges since the May 23 approval of spot Ether exchange-traded funds (ETFs) in the United States — signaling a potential upcoming supply squeeze.
The amount of Ether on exchanges fell by around 797,000 between May 23 and June 2 — equivalent to $3.02 billion, according to CryptoQuant data.
Lower exchange reserves imply fewer coins are available for sale as investors move their own coins to self-custody for purposes other than immediate selling.
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Author: Felix Ng
