Bitwise: Since mid-May, ETH demand has been 32 times its supply, driving the surge in ETH prices

According to ChainCatcher, Bitwise tweeted: "Since mid-May, ETPs (exchange-traded products) and publicly listed companies have purchased a total of 2.83 million ETH, while only 89,000 ETH have been newly issued on the Ethereum network."

"This means that demand is 32 times greater than supply, which is exactly why the price of ETH has surged."