Ethereum Exchanges See 1.15M Coins Exit Amid Institutional Buying Surge

Ethereum (ETH) has seen a significant decrease in exchange balances over the past eleven weeks, with around 1.15 million coins removed from trading platforms.

This represents about 15% of ETH's total supply and is a departure from Bitcoin's trend, which saw its exchange balance rise by 1.8% during the same period.

The decline in Ethereum's exchange balances comes as institutional investors are showing increased interest in the asset, with US spot Ethereum exchange-traded funds pulling in $189.15 million on August 19 alone.

This influx of fresh money has contributed to a surge in ETH's price, which has risen nearly 20% over the past day and pushed above $2,300 for the first time since May.