$3 Billion in Ether Withdrawn from Exchanges Following Spot ETF Approval, Signaling Potential Supply Squeeze

Data from CryptoQuant shows that approximately 797,000 Ether, valued at $3.02 billion, was removed from exchanges between May 23 and June 2. This reduction in exchange reserves suggests fewer coins are available for sale as investors move their assets to self-custody for purposes other than immediate selling. Leon Waidmann, an analyst at BTC-ECHO, highlighted that Glassnode data reveals the percentage of Ether held on exchanges has dropped to its lowest level in years, now at just 10.6% of the circulating supply. Bloomberg ETF analyst Eric Balchunas recently suggested that Ether ETFs have a “legit possibility” of launching by late June.