Ethereum surpassed $3,000 amid reduced exchange supply

This week, the price of Ethereum rose, surpassing the $3,000 mark for the first time in several months. Its total market capitalization reached $356 billion, strengthening its position as the second-largest cryptocurrency.

One reason for this growth was increased demand through investment products. Specifically, inflows in Ethereum ETFs surged from $219 million to $907 million over the week. Total investments into these funds surpassed $5 billion. This was the highest total since the ETFs were approved in September of last year.

Meanwhile, Ethereum exchange supply has decreased significantly. According to the analytics platform Santiment, the number of coins in centralized exchange accounts dropped to 7.35 million. Previously, it had reached a maximum of 10.6 million. CoinFutura reports that investors are buying and holding Ethereum more actively than selling it. Over 80% of ETH wallets have profited from the current rally.