Investors are withdrawing more Ethereum (ETH) from crypto exchanges than depositing, resulting in a five-year low balance of ETH on exchanges. The increase in ETH staking after the Shanghai upgrade on April 12 is the reason behind this trend. The decline in the total amount of ETH held on exchanges to almost 16 million, the lowest level since July 2018, suggests a potentially bullish momentum for the cryptocurrency due to less selling pressure. Additionally, the upgrade has brought stability, leading to lower volatility and trading volumes for ETH price.
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Ethereum Balance On Crypto Exchanges Fell 5-Yr Low
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