ETH held on exchanges drops as bettors prepare for Merge event, so let’s take a closer look at today’s event Latest Ethereum news.
EtH held on exchanges hit a four-year low alongside steady inflows into the network’s pre-merger staking contract. Yesterday, exchange-held Ethereum hit a four-year low after a record staking figure on ETH 2.0. Centralized exchanges that have been tracked by Glassnode show that 19.09 million ETH are held, down from less than 20 million from 2018. ETH held on exchanges has also fallen by 10% over the past five days.
The data points have also firmed up with higher outflows from the exchanges recently. Currency outflows hit a 13-month high, indicating investors are less interested in trading and holding the asset on centralized exchanges. The data of On-chain analysis reported similar results:
“The change in ETH held on exchanges saw the largest one-day decline in 202 days, declining from 432.84k ETH to 249.58k ETH.”
The sharp decline in ETH held on exchanges is due to the growing amount of ETH being staked on the network as it prepares for the biggest upgrade yet. Unlike the current ETH network, ETH 2.0 is a PoS network where validators stake their ETH to verify network integrity. Ethereum staked on the Beacon chain as a PoS version of Ethereum launched in 2020, has risen over the past few days. The merger is expected to take place on September 19, which will see the current mainnet merging with the PoS version and the total amount staked stands at 13.14 million with over 410,000 different validators.
Amid the bullish FX flows, Ethereum surged 8.6% and traded near $1,638 with a market cap of $199 billion, up 34% over the past week.
As previously reported, Buterin claimed that the ETH developers are working on five long-term stages aimed at improving the overall capabilities of the network and first on the agenda was the merge test which is 90% complete and needs to be tested. on Ropsten. During the ongoing annual Ethereum conference, Buterin described the improvements the development team is working on both long-term and short-term. With the long-awaited transition of the protocol from PoW to PoS later this year, the Ethereum founder noted that most of the testing has been done. He said the fusion needed to be tested on Ropsen, which could happen very soon.
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