$3 Billion Worth of Ether Withdrawn from Exchanges; ARK Invest Adjusts Partnership
- Following the approval of spot ether ETFs, over $3 billion worth of Ether has been withdrawn from centralized crypto exchanges.
- ARK Invest will not partner with 21Shares for the proposed spot Ethereum ETF but will continue to work with 21Shares on the ARK 21Shares Bitcoin ETF.
On May 23, the U.S. Securities and Exchange Commission (SEC) approved 19b-4 forms and the listing of eight spot ether ETFs from BlackRock, Fidelity, Grayscale, and others on their respective exchanges.
Since the approval, more than $3 billion worth of Ether has been withdrawn from centralized crypto exchanges. Data indicates that the amount of Ether on exchanges decreased by approximately 797,000 between May 23 and June 2, totaling $3.02 billion.
Moreover, Glassnode data reveals that the percentage of the circulating Ether supply held on exchanges has dropped to its lowest level in years, at just 10.6%.
📉 Exchange balances for both #Bitcoin and #Ethereum are at their lowest levels in years!🔥
Whales continue to accumulate. #BTC on exchanges is down to 11.6% and #ETH is at 10.6%!
Supply squeeze incoming. 📈
Get ready for the next big move. 🚀 pic.twitter.com/u4j13DZBJk
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Meanwhile, in a newly amended Form S-1, the previously named Ark 21Shares Ethereum ETF has been renamed to 21Shares Core Ethereum ETF. According to a media report, a spokesperson for 21Shares confirmed that ARK Invest will not be partnering on this ETF.
However, 21Shares and ARK will continue to work together on the ARK 21Shares Bitcoin ETF, which launched in January.
Edited by Harshajit Sarmah
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