With the ETF approval, $3 billion worth of Ethereum has left the exchange.
After the United States approved the spot Ethereum (ETH) exchange-traded fund (ETF) on May 23, More than $3 billion of Ethereum has been withdrawn from centralized cryptocurrency exchanges.
Between May 23 and June 2, Exchange reserves decreased by approximately 797,000 ETH.
This decrease in exchange holdings of Ether means: Investors are moving their assets into self-storage, It reduces the number of coins available for immediate trading and represents a long-term holding strategy.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
Leon Waidmann, editor and analyst at BTC-ECHO, pointed out: The share of Ethereum circulating on exchanges is only 10.6%, reaching a multi-year low.
Introduction of Spot Ether ETF can create high demand, Potentially, the price of Ether could surpass the previous all-time high of $4,870 set in November 2021. Bloomberg ETF analyst Eric Balchunas said this An Ether ETF is likely to be launched. It is scheduled to be released by the end of June.
At the time of writing, Ether is trading at $3,821.31. It rose 1.16% in the past 24 hours and fell nearly 22% from its all-time high.
Overall, the market monitors the potential impact on supply dynamics and price movements as investors move Ethereum into self-custodial status in anticipation of ETF-led demand.
After the ETF was approved, VanEck released an ad encouraging viewers to “Enter the Ether.”
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst with an interest in data-driven and fact-based content, as well as content targeting both Web3 native users and industry newcomers.
Aaron is our go-to guy for all things digital currency. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
Aaron has been quoted in several popular media outlets and is a published author himself. In his spare time, he enjoys researching market trends and looking for the next supernova.
