{"id":20582,"date":"2023-02-15T01:34:04","date_gmt":"2023-02-15T09:34:04","guid":{"rendered":"https:\/\/coinnetworknews.com\/ethereum-supply-plunges-37-on-crypto-exchange-post-the-merge-upgrade\/"},"modified":"2023-02-15T01:34:04","modified_gmt":"2023-02-15T09:34:04","slug":"ethereum-supply-plunges-37-on-crypto-exchange-post-the-merge-upgrade","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/ethereum-supply-plunges-37-on-crypto-exchange-post-the-merge-upgrade\/","title":{"rendered":"Ethereum supply plunges 37% on crypto exchange post the Merge upgrade"},"content":{"rendered":"
Ether (ETH<\/a>), the second-largest cryptocurrency by market capitalization, has seen a constant decline in the exchange supply over the past six months post-Merge. Ethereum network went under a major network upgrade in September last year, moving from a proof-of-work (PoW) to a proof-of-stake (PoS)<\/a> network and the event was called the Merge<\/a>.<\/p>\n According to on-chain data shared by the crypto analytic group Santiment, the amount of available ETH sitting on exchanges continues to fall. Since the Merge, there is 37% fewer ETH on exchanges. A constant decline in supply on exchanges is considered a bullish sign as there is less ETH available to trade or sell.<\/p>\n There were a total of 19.12 million ETH worth $31.3 billion on exchanges in September before the Merge. The number has now declined to 13.36 million ETH worth $19.7 billion in the second week of February.<\/p>\n