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Traders Withdraw $3.6 Billion in Ethereum From Crypto Exchanges in 17 Days

The pencilled-in preliminary date for The Merge, revealed by the Ethereum developer Superphiz, is less than two months away and the announcement seemingly caused a number of developments to happen. First off, the network’s native token ether saw a significant spike in value and secondly, Ethereum’s hashrate has dropped 18.21% since June 30. Data also shows that the number of ethereum stored on exchanges has seen a massive drop, as roughly 25.13 million ether was once held on exchanges on July 5, and today there’s only 22.77 million worth close to $35 billion.

What do you think about the vast number of ethereum being removed from centralized exchanges? Do you think that the withdrawals stem from people anticipating The Merge or do you think it’s caused by people being afraid to leave funds on centralized exchanges? Let us know what you think about this subject in the comments section below.


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