Ethereum supply plunges 37% on crypto exchanges

Ethereum supply plunges 37% on crypto exchanges- Check out the story here

Just weeks before the Shanghai upgrade, the decline in exchange supply is being seen as a bullish sign.

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[{"selector":"#anim-eafaf532-50db-47ab-86ee-b4d78c743d59 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.287202267403853%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The Ethereum network underwent a major upgrade in September 2022, moving from a proof-of-work (PoW) to a proof-of-stake (PoS) network in an event called the Merge. Arrow

[{"selector":"#anim-34d4cd58-6955-4e38-b489-94da15f65f0e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] According to on-chain data shared by crypto analytics firm Santiment, the amount of available ETH sitting on exchanges continues to fall. Since the Merge, there is 37% less ETH on exchanges. Arrow

A constant decline in supply on exchanges is considered a bullish sign, as there is less ETH available to trade or sell.

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[{"selector":"#anim-28aa395c-2543-41ea-8d86-3f2c2c642c0a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] There was a total of 19.12 million ETH, worth $31.3 billion, on exchanges in September before the Merge. Arrow

The number has now declined to 13.36 million ETH, worth $19.7 billion, in the second week of February.

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A major chunk of the ETH supply is being moved into self-custody, while many traders also prefer staking with the Shanghai upgrade just around the corner.

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Currently, 16 million ETH, or 14% of the total supply, is staked on the Beacon Chain, amounting to approximately $25 billion at current prices

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