Ethereum balances on exchanges have plunged to their lowest levels since 2016, as shown in a recent Glassnode report. This drop, ahead of the anticipated Spot ETH ETF launch in July, comes amidst a significant price decline.

Over the past three weeks, Ethereum’s price has fallen by 9.81%. Despite this, the decreasing exchange balances suggest strong accumulation and investor confidence, even as market volatility remains high.

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