Bullish on ETH? A decline in the exchange supply six months after the Merge gives good vibes about the coin's future price action.
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. A constant decline in supply on exchanges is considered a bullish sign, as there is less ETH available to trade or sell.
There was a total of 19.12 million ETH, worth $31.3 billion, on exchanges in September before the Merge. The number has now declined to 13.36 million ETH, worth $19.7 billion, in the second week of February.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. Shanghai, Ethereum’s upcoming update, is scheduled for March.
Currently, 16 million ETH, or 14% of the total supply, is staked on the Beacon Chain, amounting to approximately $25 billion at current prices — a sizable amount that will gradually become liquid after the Shanghai hard fork.
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