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$3 Billion in Ether Leaves Exchanges as ETFs Gain Approval

Key Takeaways

  • Since the approval of spot Ether ETFs on May 23, over $3 billion worth of Ether has been withdrawn from centralized crypto exchanges;
  • This indicates a move towards self-custody and a long-term holding strategy by investors;
  • With spot Ether ETFs likely launching by late June, analysts predict a potential price surge beyond the previous all-time high of $4,870.
$3 Billion in Ether Leaves Exchanges as ETFs Gain Approval

Since the US approval of spot Ether (ETH) exchange-traded funds (ETFs) on May 23, centralized crypto exchanges have seen an exit of over $3 billion worth of Ether.

Between May 23 and June 2, exchange reserves dropped by about 797,000 ETH.

This reduction in exchange-held Ether suggests that investors are moving their assets to self-custody, thereby decreasing the number of coins available for immediate trading and indicating a long-term holding strategy.

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Leon Waidmann, an editor and analyst at BTC-ECHO, pointed out that the share of circulating Ether held on exchanges has reached a multi-year low of only 10.6%.

The introduction of spot Ether ETFs could drive high demand, potentially pushing Ether's price beyond its previous all-time high of $4,870, set in November 2021. Bloomberg ETF analyst Eric Balchunas noted that it is probable that Ether ETFs will be launched by the end of June.

At the time of writing, Ether is trading at $3,821.31, showing a 1.16% increase over the past 24 hours and a nearly 22% drop from its all-time high.

Overall, as investors shift their Ethereum to self-custody in anticipation of ETF-driven demand, the market monitors potential impacts on supply dynamics and price movements.

After the ETFs were approved, VanEck released an advertisement encouraging viewers to "Enter the Ether."

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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