Ethereum’s slow Q2: Will ETF approval and low supply drive prices up?

witnessed a surge in price and popularity over the last few days following the announcement of Ethereum ETFs.Despite this, the ecosystem was not doing too well. Token Terminal’s data indicated that Ethereum was having an unprofitable Q2.

Data showed that the amount of Ethereum on exchanges decreased by around 797,000, or $3.02 billion, between 23rd May and 2nd June.This reduction in exchange reserves implies fewer ETH is available for sale as investors move their assets to self-custody for purposes other than immediate selling. Nevertheless, concerns linger that Grayscale’s Ethereum Trust , which manages $11 billion in funds, could impact Ethereum’s price action. This is based on the example of the Grayscale Bitcoin Trust , which saw $6.5 billion in outflows within the first month of its approval.At press time, ETH was trading at $3,833.59 and its price had grown by 1.19% in the last 24 hours. Surprisingly, both whale interest and retail interest dipped slightly over the last few days.

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