Ethereum Held on Crypto Exchanges Plunge to 4 Years Low, Other Metrics Spikes


Investors are withdrawing their Ethereums from centralized exchanges as staking figures grow on Ethereum Beacon Chain.

According to Glassnode data, the number of Ethereum on crypto exchanges dipped below 20 million -the lowest since 2018.

Interestingly, the data revealed that the numbers dropped to this low in the space of five days as 10% of Ethereum held on exchanges was withdrawn.

A separate Chainalysis report revealed that almost 200,000 units of the digital assets were withdrawn in one day from exchanges. Per the report, this is the highest in 202 days.

It should be added that the Chainalysis data also showed that ETH inflows to exchanges were 2.25 million -the highest in 37 days.

Another Glassnode data however claimed exchange outflows had reached a 13-months high.

Ethereum Staking Grows

Over 13 million units of ETH, which is roughly 11% of the coin’s circulating supply have been staked in the Ethereum Merge contract.

The US dollar value of staked Ethereum is also now at $21 billion.

Meanwhile, the network currently has over 410,000 validators.

Lido, the network’s dominant staking protocol currently has a TVL of $6.96 billion with ETH accounting for roughly 98% of it.

Analysts have raised concerns about the dangers that Lido dominance of Ethereum staking poses to the “decentralized” claims of the network.

Other ETH Metrics

Glassnode metrics showed that the number of addresses holding ETH in profit presently has reached a month high of 46,702,294.935.

Ethereum is also currently seeing more transactions as the seven days moving average of transactions on the network hit a one-month high of 48,609.702.

The total value of assets locked on the ETH blockchain for decentralized finance (DeFi) also rose by over 3% in the last 24 hours to $55.65 billion.

The blockchain currently accounts for 64% of the total TVL in DeFi.

All of these positives can be linked to the recent revelation that Ethereum’s highly anticipated Merge is set to occur on September 19.