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Since the approval of Ether ETFs on May 23, more than $3 billion worth of Ethereum has exited centralized cryptocurrency exchanges, reducing the available supply to its lowest level in years.
Over $3 Billion in Ether Withdrawn From Exchanges Post-ETF Approval, Signaling Potential Supply Squeeze
Since the approval of spot Ether exchange-traded funds (ETFs) in the United States on May 23, more than $3 billion worth of Ether has been removed from centralized cryptocurrency exchanges, indicating a possible impending supply squeeze.
According to data from CryptoQuant (via Cointelegraph), approximately 797,000 Ether were traded on exchanges between May 23 and June 2, equivalent to $3.02 billion.
A reduction in exchange reserves signifies a diminished quantity of coins accessible for purchase as investors transfer their coins to self-custody for intentions other than imminent trade.
According to Glassnode data disclosed by BTC-ECHO analyst Leon Waidmann, the proportion of circulating Ether supply held on exchanges has also fallen to its lowest level in years, amounting to a mere 10.6%.
According to Bloomberg ETF analyst Eric Balchunas, who predicted on May 30, Ether ETFs have a "legitimate possibility" of launching by late June.
Confident analysts believe that owing to heightened demand pressure, Ether may surpass its all-time high of $4,870 set in November 2021 once spot Ether ETFs commence trading. This situation is comparable to Bitcoin following the January launch of spot Bitcoin ETFs.
Ether Faces Greater Demand Pressure Than Bitcoin Amid ETF Impact, Analyst Reports Highlight Potential Price Volatility
According to a May 28 report by DeFi crypto analyst Michael Nadeau, Ether may be even more susceptible to demand pressures than Bitcoin because it lacks the same degree of "structural sell pressure."
In contrast to Bitcoin miners, who are occasionally required to sell BTC to cover mining expenses, Ethereum validators do not experience comparable operational costs.
Nevertheless, apprehensions also exist regarding the potential impact of Grayscale's Ethereum Trust (ETHE), which oversees $11 billion in funds, on the price movement of Ether should it mirror the disbursements of $6.5 billion that occurred in the first month following its approval, as was the case with the Grayscale Bitcoin Trust (GBTC).
According to CoinMarketCap, Ether is trading at $3,781, down 0.82 percent over the past twenty-four hours and approximately 23 percent from its all-time high.
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