ETH holders withdrew 1.4 million coins from exchanges since June 3, pushing tradable supply down by 18%, a trend that accelerated during the rally. BTC holders did the opposite, leaving their coins on exchanges with a 0.25% increase in balances over the same period. Institutional ETF flows tell the same story: US Ethereum funds logged net inflows of $1.633 billion versus just $173 million for Bitcoin funds, even though the Bitcoin complex was eight times larger to begin with. Since June 3, ETH gained 34.74% and BTC gained 11.91%.
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