Ethereum's price crossed the $2,000 mark on Monday, November 20, following a period of consolidation around the $1,950 level during the weekend. An analysis of on-chain data reveals the response of US-based corporate investors to Blackrock's recent filing related to an ETH ETF.

On Monday, Ethereum's price successfully surpassed the $2,000 threshold. Insights from on-chain data indicate that corporate investors are now actively accumulating ETH in response to Blackrock's Spot ETH ETF filing.

A noteworthy development is the significant decrease in Ethereum supply held on exchanges, reaching its lowest level in five years. Although Ethereum's price had been relatively stable in the past week, a closer examination of recent on-chain data reveals that ETH investors have begun to make strategic bullish moves in reaction to Blackrock's Spot ETH ETF filing.

CryptoQuant's Exchange Reserves charts illustrate that investors began transferring ETH coins into long-term storage shortly after Blackrock officially submitted its filing for the Spot ETH ETF on November 15.

As of November 15, the total Ethereum coins deposited across cryptocurrency exchanges amounted to 14.5 million. However, since then, investors have withdrawn 152,583 ETH from exchanges, reducing the total market supply to a five-year low of 14.3 million.

Exchange Reserves, an on-chain metric, monitors the overall supply of a cryptocurrency stored in exchange-hosted ETH wallets. Typically, a decrease in exchange supply indicates a reduction in the number of coins readily available for trading on exchanges and trading platforms.

With Ethereum's current price hovering around $2,000, the 152,583 ETH that has been removed from exchanges is valued at approximately $305 million.

It's worth noting that the last time the ETH market supply was this low was in July 2018. Large crypto investors and sophisticated high-net-worth individuals often prefer cold wallet storage. If the filing for the Blackrock ETF attracts more significant investors to purchase ETH, the supply on exchanges is likely to decrease even further.

Additionally, Ethereum's price had experienced a significant drop from its all-time high of $4,891 in 2021 to levels reminiscent of 2018.

Therefore, the rapid decline in Ethereum's market supply may exert upward pressure on the ETH price, potentially driving it toward the $4,000 mark, especially if the applications for Ethereum and Bitcoin Spot ETFs are approved by the Securities and Exchange Commission (SEC).