According to Glassnode, the amount of ETH held in exchanges has hit the lowest level since 2018, a situation that signals people are hodling the second-most valuable crypto with the anticipation of major price movement.
From the Glassnode data, it can be seen that nearly 550,000 $ETH – worth around $1.61 billion – have left centralized trading platforms year-to-date.
The massive outflow has reduced the exchanges‘ net-Ether balance to 21.72 million ETH down from its record high of 31.68 million ETH in June 2020.
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SEE ALSO: ETH and BTC Held on Exchanges Decline Below 13% – The Lowest in History
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Furthermore, according to IntoTheBlock, 30% of withdrawals in all of 2022 took place within the last seven days. Over 180,000 ETH left crypto trading platforms on March 15, 2022 alone, bringing the weekly outflow‘s worth to a little over $500 million as of March 18, 2022.
The Merge
Ethereum is expected to transition to a full proof-of-stake consensus mehanism by June 2022 in an event dubbed ‘The Merge,’ a move that, according to founder Vitalik Buterin, will cut the chain’s energy consumption by 99%.
According to Ultrasound Money, a service that tracks the amount of ETH that is burned following its EIP-1559 upgrade in August 2021, 1 million ETH have been staked into the Ethereum contract in the last 30 days. Moreover, the service indicates that by March 20, 2022, Ethereum had burned 2 million ETH via EIP-1559.
Anticipation for the merge has been building this week as Ethereum successfully completed a rehearsal of the event on the Kiln testnet.
Finally, as can be seen in its price action over the last 7 days, ETHhas been trending up, coming from as low as $2,600 on March 15 2022 to $2, 906 on March 21, 2022.
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RECOMMENDED READING: Making ETH a Deflationary Currency with the Upcoming Ethereum ‘London Hard Fork’
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