The supply of Ether is being pressured like never before, and with increasing institutional demand, the price is expected to continue rising from here, analysts say.
The price of Ether has nowhere to go but up, according to an analyst, with 40% of Ether now out of circulation amid record institutional demand.
“Ethereum has never experienced a market cycle with all three supply vacuums active at once,” said analyst ‘Crypto Gucci’ on Tuesday.
Crypto Gucci noted that digital asset treasuries (DATs) did not exist in the last market cycle. Over the past few months, DATs have amassed a whopping 5.9 million ETH, worth around $24 billion and equivalent to 4.9% of the total supply, according to StrategicEthReserve.
