The amount of Ether (ETH) held on exchanges has seen a steady decline post-Merge, with nearly 6 million ETH moved away from exchanges.
According to on-chain data shared by the crypto analytic group Santiment, the amount of available ETH sitting on exchanges continues to fall. Since the Merge, there is 37% fewer 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 were 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 significant update, is scheduled to launch in March.
Currently, 16 million ETH, or 14% of the total supply, are staked in the Beacon chain. At the current price of ETH, it amounts to approximately $25 billion, a sizable amount that will gradually become liquid after the Shanghai hard fork.
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