Throughout June, Ethereum (ETH) withdrawals from exchanges did not go unnoticed. This situation may indicate that investors are inclined to hold their Ethereum by moving them away from trading platforms. Despite the decrease in exchange balances, the volume of staked ETH increased. So, what developments are happening with Ethereum’s price?
Ethereum Withdrawals Increase
Ethereum withdrawals from exchanges are catching attention. Data shows that over 1 million ETH were moved from exchanges to wallets over the past 30 days in June. Approximately
3.8 billion dollars worth of withdrawals represent a noticeable 6.4% increase compared to May. There was also a significant decrease in the amount of Ethereum on exchanges.
CryptoQuant provided another data point showing the magnitude of the change. As of June, the amount of ETH in exchange reserves was over 17 million.
After 30 days, there was a decrease of 1 million, bringing the total to 16 million ETH. More importantly, as of the time of writing, the reserve was around 16.6 million ETH.
Investors moving away from exchanges and considering staking might indicate they are acting with an expectation of a rise in both aspects.
Ethereum and Staking Developments
An important development on the Ethereum side occurred in staking. With the decreasing ETH supply on exchanges, there was a noticeable increase in staking.
Glassnode data showed a steady rise in the total amount staked. This indicates that more holders prefer to earn passive income from their ETH rather than selling them, contributing to the network.
The staking events show a shift from having Ethereum ready to sell on exchanges to securing it through staking. Recent data shows that the number of staking transactions is over 1.5 million.
Data from Dune Analytics also showed that over 33.2 million ETH are currently staked. More importantly, the amount of staked ETH represents nearly 28% of the total ETH supply.
Considering all these situations, it is seen that investors continue to trust in Ethereum’s future rather than making panic sales.
As of the time of writing, Ethereum continues to find buyers at $3,422 after a 0.57% decrease in the last 24 hours.
