Combined, these moves raised the total ETH held in strategic reserves to 1.6 million ETH.
This buying spree coincided with signs of a looming Ethereum supply crunch. According to Glassnode, ETH’s supply on exchanges dropped to 13.4%, compared to Bitcoin’s 14.5%, indicating stronger demand for Ethereum.
If this trend continues, Ethereum could be on track to mirror its explosive 2017 rally.
Source: Glassnode
Ethereum’s shrinking supply is partly due to its growing staking market cap, which continues to climb.
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