Crypto Exchanges See $3 Billion Ethereum Exit Since ETF Approvals

Over $3 billion worth of Ether has been removed from centralized exchanges since the May 23 approval of spot Ether ETFs. This significant outflow of Ether from exchanges indicates 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. Read more at CoinDesk.