Tokens of Ethereum worth approximately $1.61 billion are not anymore in the crypto exchange which showed that it is way ahead of the potential of the protocol of the merge. The objective of this Merge is to convert the network to PoS by the end of the summer.
Supply Crunch Of Ethereum And Weekly ETH Outflow
The native tokens of Ethereum known as ETH’s value have fallen which were in reserves with the crypto exchanges. Their value fell down to the lowest amount since 2018 which showed the intention of the traders that they want to hold the tokens hoping that the price will increase in 2022.
Approximately, 550,000 tokens of ETH have left the trading platforms that are centralized and are worth $1.61 billion as per the data of Glassnode. This outflow in this massive quantity has decreased the balance of net ETH from 31.68 million in 2020 to 21.72 million in the current time.
It is an interesting fact reported by IntoTheBlock shows, that all 30% withdrawals of Ether from exchanges have occurred in the previous week of 2022. On 15th March, exactly 180,000 ETH have left the trading platforms of crypto which made the outflow worth of the week to more than $500 million by 18th March.
The data from Chainalysis also revealed similar data and states that this week tokens of Ethereum of about 120,000 units can leave per day which will give a bullish signal. The fact the withdrawals of Ethereum tokens are increasing has coincided with the transfer of 190,000 ETH into stETH liquid Stalin pools of Lido.
The holders of ETH have added $1million into the contract of Ethereum 2.0 which is preparing for the merge into PoS. The switch of Ethereum to the PoS network has given signs that the ETH price will rebound.