Bitcoin and Ethereum Exchange Balances Plummet Amid Spot ETF Launches
Bitcoin and Ethereum are seeing reduced availability on exchanges, coinciding with the launch of spot ETFs in the US.
Bitcoin balances on exchanges are at their lowest since December 2017, while Ethereum balances are at their lowest since October 2015.
This decline aligns with the SEC’s approval of Bitcoin ETFs and Ethereum’s 19-b filings.
Spot Bitcoin ETFs have amassed 857,700 BTC ($58.5 billion), led by BlackRock’s IBIT ETF and Fidelity’s FBTC. Ethereum ETF anticipation drove withdrawals of 777,000 ETH ($3 billion).
READ MORE: Notcoin’s Market Cap Soars Past $2 Billion
Staking ETH also reduced exchange balances, with 32.8 million ETH staked. Analysts predict a supply crunch for both assets if the trend continues, with decreased exchange reserves signaling investor optimism and potential price surges.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
