Ethereum ETF Approval Results in $3B Withdrawals from Centralized Exchanges

June 07, 2024 at 09:05 AM EDT

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Ether worth more than $3 billion has been drawn from cryptocurrency exchanges following the U.S. Security Exchange Commission’s approval of Ether spot ETFs last month, signaling an impending supply shortfall. Just prior to the announcement, the regulator initiated talks with possible issuers and later granted approval for multiple 19b-4 forms to list the ETFs.

The ETFs weren’t immediately ready for trading, as issuers are required to file their S-1 registration statements weeks before the ETFs can be launched. Analysts predict that the first batch of these…

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