Ethereum's decreasing exchange supply may be caused by increasing ETH staking. Galaxy Research predicts $5 billion in inflows in first five months of Ethereum ETF launch. Ethereum needs to overcome the $3,629 key resistance to validate bullish thesis. Ethereum is up nearly 3% on Thursday as upcoming spot ETH ETF launch and key on-chain metrics suggest an ETH rally might be around the corner.
The move up has seen ETH short liquidations reach $18.31 million, with long only at $4.10 million in the past 24 hours. ETH Chicago Mercantile Exchange open interest reached an all-time high this week. With ETH price also rising slightly, the increasing CME OI indicates US investors may be anticipating a rally. This also signifies potential good inflows in spot ETH ETFs when they launch, potentially causing a price rise in ETH.
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