Krutika Adani
Following the approval of US Spot Ethereum ETFs on May 23rd, crypto exchanges saw a massive withdrawal of $3 Billion worth of Ethereum.
Data from CryptoQuant also reveals that the percentage of ETH held on various exchanges is at a 10-year low.
The ETH withdrawn from exchanges is likely going to cold wallets, potentially leading to increased ETH demand, a squeezed supply, and ultimately a price increase.
After the FTX fiasco, investors have increasingly relied on crypto self-storage or cold storage, rarely leaving their crypto on exchanges.
Some analysts predict Ethereum reaching a new all-time high of $4.8k in June, fueled by potential market buys.