Users move Ethereum out of exchanges in favor of…

The snippet attached in the tweet dated 22 June revealed an interesting convergence of the amount of ETH staked on the network and ETH’s supply, which was available on exchanges for buying and selling.Users have shown significant interest in ETH staking since the Shapella Upgrade went live on the mainnet in April. As the ambiguity surrounding withdrawals was put to rest, people got more confidence in restaking their ETH.

This resulted in a sharp spike in the number of ETH staked with deposits consistently outpacing withdrawals over the last two months. At the time of publication, the total amount locked accounted for 16.7% of ETH’s total circulating supply, as per a NansenOn the other hand, the supply on exchanges, i.e. liquid supply, has steadily dropped in the same time period. As per the information provided in the aforementioned tweet, the exchange supply fell to 23.

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