Wintermute has exhausted its ETH reserves on its OTC desk, attributed to recent whale purchases. Founder Evgeny Gaevoy highlighted these developments as ETH prices rise.
Wintermute's ETH Scarcity Announcement
Evgeny Gaevoy, the founder of Wintermute, announced that on the OTC desk, there is 'almost no ETH available for sale.' This statement coincided with ETH climbing to a price of $3,446.15.
Indicators of Institutional Interest
The depleted ETH on OTC desks reflects an increasing interest from institutional investors. Wintermute noted that there is a divergence between institutional interests and retail investors. Institutions have shifted towards BTC and ETH while retail traders are focusing on meme tokens.
Galaxy Digital's Situation and Market Trends
Galaxy Digital, another ETH OTC service provider, also experienced outflows from its wallets, with reserves decreasing from over 70,000 ETH to around 55,000 ETH. The demand likely includes corporate treasuries, alongside older whales retaining their assets.
The scarcity of ETH on OTC desks like Wintermute and Galaxy Digital points to increasing interest from major market players, which could lead to continued price increases for ETH.
