Ethereum supply plunges 37% on crypto exchange post the Merge upgrade
The decline in exchange supply, especially just weeks before the Shanghai upgrade, is being seen as a bullish sign. Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a constant decline in the exchange supply over the past six months post-Merge. Ethereum network went under a major network upgrade in September last year, moving from a proof-of-work (PoW) to a proof-of-stake (PoS) network and the event was called the Merge. According to on-chain data shared by the crypto analytic group Santiment, the amount of available ETH sitting on exchange s continues to fall. Since the Merge, there is 37% fewer ETH on exchange s. A constant decline in supply on exchange s is considered a bullish sign as there is less ETH available to trade or sell. There were a total of 19.12 million ETH worth $31.3 billion on exchange s 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. Ethereum supply...