Bitcoin and Ethereum exchange balances hit record lows as spot ETFs drive withdrawals
Summary
Bitcoin and Ethereum supplies on centralized exchanges are at record lows due to the introduction of crypto-related spot exchange-traded funds (ETFs) in the US. Bitcoin balances on exchanges are at 11.6%, the lowest since December 2017, while Ethereum balances are at 10.6%, the lowest since October 2015. Spot ETFs for Bitcoin have accumulated 857,700 BTC, valued at $58.5 billion, in five months. Additionally, 777,000 ETH, worth about $3 billion, have been withdrawn from exchanges since the SEC’s approval. The declining exchange balances and anticipation for spot Ethereum ETFs have led to predictions of a supply crunch for Bitcoin and Ethereum, potentially impacting prices.
