Over $3 Billion in Ethereum Withdrawn From Exchanges

Krutika Adani

Withdrawal Linked To ETH ETF

Following the approval of US Spot Ethereum ETFs on May 23rd, crypto exchanges saw a massive withdrawal of $3 Billion worth of Ethereum.

ETH On Exchanges At 10-Year Low

Data from CryptoQuant also reveals that the percentage of ETH held on various exchanges is at a 10-year low.

Increases Confidence

The ETH withdrawn from exchanges is likely going to cold wallets, potentially leading to increased ETH demand, a squeezed supply, and ultimately a price increase.

Investors Prefer Self-Custody And Cold Storage

After the FTX fiasco, investors have increasingly relied on crypto self-storage or cold storage, rarely leaving their crypto on exchanges.

Ethereum Prepares For New ATH in June

Some analysts predict Ethereum reaching a new all-time high of $4.8k in June, fueled by potential market buys.