Since the approval of the Ethereum ETF 19b-4 application, over $3 billion worth of Ethereum has been withdrawn from CEX

PANews reported on June 3rd, according to Cointelegraph, since the United States approved Ethereum ETF19b-4 application on May 23rd, over $3 billion worth of Ethereum has been withdrawn from centralized cryptocurrency exchanges (CEX), indicating a potential supply squeeze is imminent.

According to data from CryptoQuant, from May 23rd to June 2nd, the amount of Ethereum on exchanges decreased by about 797,000 coins, equivalent to $3.02 billion. Lower exchange reserves mean fewer tokens available for sale as investors move their tokens into self-custody for purposes other than immediate sale.

Data shared by BTC-ECHO analyst Leon Waidmann from Glassnode shows that the percentage of circulating supply of Ethereum held by exchanges is also at its lowest level in years at only 10.6%.