Nearly $4.1 billion worth of Ether (ETH) has been removed from centralized exchanges since March, leading to speculation about Ethereum price gains as supply drops on multiple trading platforms.
According to statistics released by crypto analytics service IntoTheBlock, a total of 1.268 million Ethereum worth $4.18 billion at the current exchange rate was withdrawn from centralized exchanges in March.
This tweet aged well.— IntoTheBlock (@intotheblock) March 28, 2022
Since this outflow happened on March 15th, the price of $ETH has appreciated by 32%.
Moreover, just in the month of March, the amount withdrawn from centralized exchanges sums a total of 1.268m ETH.
ETH balance on exchanges is rapidly decreasing. https://t.co/z7HzH8nvWK pic.twitter.com/lGXgEojMMv
According to IntoTheBlock, Ether's price has risen by 32% in the days since 180,000 ETH were removed from centralized trading platforms on March 15.
The crypto analytics firm reported another large outflow of ETH on March 23, with approximately 151,000 ETH removed from exchanges around that time. On-chain analytics show that the amount of ETH on exchanges is rapidly dropping, which is a bullish sign.
At the time of writing, Ethereum was trading at $3,347 after touching intraday highs at $3,357. After rebounding from lows of $2,499 on March 13, Ethereum has marked 13 green days out of 15, implying a steady bullish climb.
Ethereum's positive sentiment concerns its ongoing transition to proof-of-stake. In a recent blog post, Ethereum Foundation shared details on the Merge and what to expect in the coming months. The Merge upgrade marks the official transition to proof-of-stake consensus.
The existing Ethereum mainnet will "merge" with the Beacon Chain proof-of-stake system, completing Ethereum's transition from proof-of-work to proof-of-stake.
Ethereum developers have successfully released "Kiln," the latest merge testnet. Changes to the Kiln testnet incorporated changes to Merge specifications based on edge cases discovered on Kintsugi, as well as some renamings.
Although the PoS shift on the merge testnet revealed some implementation issues, Ethereum Foundation said that merge testing will continue with all hands on deck. If no critical issues are discovered, Kiln will be the last new public testnet to be launched.
According to Ethereum Foundation, testnet and mainnet upgrade timelines will be shared through community media.