The amount of Ethereum (ETH) on exchanges has fallen to the lowest level since 2016 due to the increasing rate of staking.
According to data provided by Glassnode, it has been observed that interest in the staking side of Ethereum has increased in the past day. About 14.85% of the entire ETH supply is held on centralized exchanges. The popular cryptocurrency last experienced this situation in 2016. Glassnode data reveals that ETHs from centralized exchanges are staked.
Ethereum Exits Exchanges As It Stakes
Glassnode revealed that Ethereum (ETH) staking interest is increasing day by day. According to the information shared by the data provider, the amount of ETH held on central exchanges decreased to 14.85 percent.
Nowadays, when the crypto money market is moving in a downtrend, there is a hot development on the Ethereum side. The amount of ETH supply on central exchanges is decreasing.
After the Shapella update, there has been an increase in the number of people who want to stake ETH for passive income. With the end of the locked staking event, the interest on the staking side has intensified.
In Ethereum, which has turned into a deflationary token structure, it is noteworthy that the amount of ETH in central exchanges has decreased. This is being touted as a bullish signal.
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