Ethereum is facing a supply shock as the token balance on exchanges plunges to multi-year lows. This falling supply coincides with rapid whale and institutional accumulation, signalling high demand. Meanwhile, a key on-chain metric suggests that an altcoin season, aka alt season, could be underway. Ethereum (ETH) price faces low volatility today, June 2, as it oscillates between a daily high of $2,544 and a daily low of $2,483. Ethereum was the only top ten altcoin, besides BNB, to record the least losses last week amid surging inflows to spot ETH ETFs. Ethereum Faces Supply Shock As Demand Soars The supply of Ethereum available on exchanges has declined drastically, and this has created concerns about a possible supply shock. Data from Glassnode shows that the available ETH exchange balance has fallen to its lowest level in seven years. ETH Supply on Exchanges Analyst CarlMoon opines that the falling supply is… Read More at Coingape.com
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