Ethereum Price Surges Past $2,000 Amid Corporate Interest
If you were tracking Ethereum’s price, you might have noticed that it hit over $2,000 on Monday. This comes after trading around the $1,950 range over the weekend. Additionally, there’s been a spot ETF filing for Ethereum from Blackrock, prompting corporate investors to jump into the race to accumulate ETH.
Ethereum Supply on Exchanges Has Dropped to 5-year Low
Despite Ethereum’s price movement remaining relatively sideways in the past week, on-chain data trends reveal some interesting insights. The Exchange Reserves data from CryptoQuant shows that investors have been strategically moving their ETH assets into long-term storage post Blackrock’s ETF filing.
The numbers show that the amount of Ethereum held in exchange wallets has dropped to a 5-year low, signaling a significant decrease in the number of coins available for trading on various platforms. Since the price of Ethereum currently hovers around $2,000, the 152,583 ETH shifted off exchanges is valued at approximately $305 million.
Interestingly, this level of market supply hasn’t been seen since July 2018, and it might further decrease if more whales are enticed to buy ETH due to the Blackrock filing. This reduction in supply could lead to an upward push in Ethereum’s price, possibly reaching $4,000, especially if the SEC approves the Ethereum and Bitcoin spot ETF applications.
Hot Take: Ethereum’s Corporate Frenzy and ETF Potential
The surge in Ethereum’s price past $2,000 has been spurred by the interest from corporate investors following Blackrock’s ETF filing. The decrease in market supply is a significant factor to consider as it could potentially drive the price of ETH even higher, particularly if regulatory approvals for ETFs are granted. This corporate frenzy could usher in a new phase for Ethereum’s market dynamics and trajectory.
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