- $2.21B worth of Ethereum has moved back to exchanges over the past week.
- This increase in traffic for Ethereum (ETH) could be caused by the Ethereum Merge.
- Ropsten will undergo a merge almost identical to the one that will eventually take place around August.
In a post on June 2, crypto social metrics Santiment revealed that “$2.21B worth of Ethereum has moved back to exchanges over the past week after a long-term exodus of coins moving off of exchanges, dating back to August of 2022. This is the most sustained upswing in ETH being moved back to exchanges since May 2021.”
Ethereum has moved back to exchanges over the past week (Source: Santiment)
This increase in traffic for Ethereum (ETH) could be caused by Ethereum laying the groundwork for its highly anticipated transition to proof-of-stake (PoS). This transition is widely known as “The Merge.”
The network also hit a big milestone on Tuesday after the launch of the Beacon Chain on the Ropsten test network. One developer from Ethereum called this launch “the first dress rehearsal.”
Over the next few weeks, Ropsten will undergo a merge almost identical to the one that will eventually take place around August. It will also be followed by additional other merges on other Ethereum testnets.
If these “dress rehearsals” succeed, they will be the first and best sign that the Merge could be just around the corner.
At the moment, ETH is worth $1,828.02 after a 5.72% decrease in price over the last 24 hours and after reaching a high of $1,965.17 over the same period. Over the last week, ETH also saw a price drop of around 4.96%.
Moreover, ETH has a 24-hour trading volume of $21,415,358,317. This is a 22.56% increase over the last day.