XWIN Research Japan, analyzing on-chain data, suggests an Ethereum (ETH) bull market is increasingly likely due to a growing supply shortage. Significant ETH outflows from exchanges, particularly Kraken which saw a $410 million withdrawal, support this thesis. The recent approval and subsequent inflows into US spot ETH ETFs have further tightened the ETH supply. These ETFs experienced a record $2.85 billion inflow in a single week, demonstrating strong institutional demand. Adding to the pressure, companies like Shapelink and Bitmain are reportedly accumulating ETH. Currently, only 18.4 million ETH reside on exchanges, creating a potential imbalance as demand rises from ETFs, institutions, and large individual investors ("whales"). The analyst concludes that these combined factors point towards a high probability of a long-term ETH bull market driven by a scarcity of available supply. This increasing demand against limited supply could trigger significant price appreciation for Ethereum. ```

#ETF #ETH