Record Ethereum Withdrawals from Binance and OKX Signal Potential Supply Squeeze

Major exchanges Binance and OKX recorded unprecedented Ethereum (ETH) withdrawals, fueling expectations of a supply squeeze as prices held above the $2,000 level. Market analyst Merlijn The Trader had identified historical bullish patterns suggesting massive upside potential due to diminishing exchange liquidity. However, this narrative faced a new challenge at week's end as BlackRock deposited $180 million worth of Bitcoin and Ethereum into Coinbase. These significant transfers by the world's largest asset manager are suspected to be potential sell attempts, introducing fresh institutional selling pressure. The market is now navigating a mixed landscape, balancing the bullish signals of exchange outflows against fears of institutional liquidation. Investors remain cautious, monitoring whether the underlying supply shortage can offset the impact of these high-volume institutional deposits.

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