Since the US approved spot Ether ETFs on May 23, more than $3 billion worth of Ether has been withdrawn from centralized exchanges, which could lead to a supply shortage.
According to CryptoQuant data, the amount of Ether on exchanges decreased by 797,000, equivalent to $3.02 billion, between May 23 and June 2.
This suggests that fewer coins are available for sale, as more investors are moving their coins to self-custody for other purposes.
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Glassnode data from analyst Leon Waidmann reveals the percentage of outstanding Ether supply held on exchanges is at its lowest level in years, at just 10.6%.