SEC Approval of Ethereum ETFs on May 23rd Leads to $3 Billion, 777,000 ETH Withdrawal

Jun 3, 2024, 07:30 AM

Since the U.S. SEC approved spot Ethereum ETFs on May 23rd, approximately 777,000 ETH, valued at about $3 billion, have been withdrawn from crypto exchanges. This significant outflow, as reported by Glassnode and CryptoQuant, has led to a potential supply squeeze, with only 10.6% of the total Ether supply remaining on exchanges, the lowest in years. The approval last month has prompted bullish behavior among ETH holders.