Ethereum had been one of the largest winners of the rally that rocked the crypto market last week. The network had seen a boost when one of the developers of Ethereum announced that the upcoming Merge would likely happen sometime in September.
Exchange Outflows Ramp Up
In the last week, large and small Ethereum investors alike have been ramping up in terms of accumulation. The disparity between the two is stark and shows exactly how investors are feeling when it comes to investing in ETH. Numbers for the last week have shown that $3.3 billion total in ETH had flowed into centralized exchanges. In its place is now a high buying pressure, leaving investors to accumulate as much ETH as possible.
The ETH staked on the Ethereum network ahead of the Merge had been on the rise over the last couple of months but witnessed a jump after the announcement was made. At the time of this writing, the number of ETH staked on the network had reached a new all-time high of 13,152,149 ETH, and this number is expected to grow as the date draws closer. This means that more than $20 billion in ETH is now being held in the ETH 2.0 deposit contract.
Source: BEST OWIE | NEWSBTC.COM
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