The approval of Ethereum ETF(s) generated exactly the sort of collateral effect we were all expecting.
Centralised crypto exchanges have been bleeding funds for years, chiefly as a bi-product of the FTX saga, but the amount of ETH currently held in CEXs is around 10 percent of the grand total, which is an all-time low.
Specifically, around 797,000 ETH, worth just over $3 billion at the time of writing, has been removed from crypto exchanges between May 23 and June 2.
As a long-standing crypto ‘bro’, I don’t get this entirely. I don’t trust CEXs too much, but I don’t trust institutions that deal with ETFs either. In fact, if anything, I trust Coinbase (random example) a lot more than I trust my bank.
I’m comfortable being in charge of my ETH, and I’m (almost) equally comfortable leaving it in some CEXs. Sort of.
I’m certainly not comfortable at all leaving my bank, who’s run by people over the age of 800 who have no idea what crypto is, in charge of my ETH.
But that’s just me. To each their own.
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