Investors deposited $2,21 billion worth of ETH on crypto exchanges in five weeks

Analysts at Santiment note that this is the steadiest increase in the number of currency on the platforms since May 2021

02.06.2022 - 11:40

361

2 min

What’s new? Over the previous five weeks, crypto investors transferred $2,21 billion in ETH to exchanges, representing around 1% of the cryptocurrency’s total volume. According to analytics firm Santiment, this is the steadiest increase in the number of Ethereum on platforms since May 2021.

📊 $2.21B worth of #Ethereum has moved back to exchanges over the past week after a long-term exodus of coins moving off of exchanges, dating back to August of 2020. This is the most sustained upswing in $ETH being moved back to exchanges since May, 2021. https://t.co/EPKbgVKxyT pic.twitter.com/UmuDg2wnEv— Santiment (@santimentfeed) June 2, 2022

More details about Ethereum. Like other major cryptocurrencies, ETH is currently in the bear market. As of June 2, 11:30 UTC, the asset is trading at $1825, down 5,43% over the past 24 hours (according to Binance). In May, fees on the network hit their low since July 2021, with the average fee per transaction standing at $2,54. Santiment noted that “historically, ETH prices rise after average transactions dip below $5.”

What happened before? Ethereum co-founder Vitalik Buterin reported that the blockchain’s merge from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS) would take place in August 2022. He added that the date could be moved to September or October of that year if risks arise. The Ethereum team would merge PoW and PoS blockchains on the Ropsten testnet. One of the developers, Tim Beiko, said that the official release of the “Merge” upgrade is expected around June 8.

BitMEX co-founder Arthur Hayes believes ETH could break the $10 000 mark after switching to PoS.

Author: