Following the record betting on Ethereum 2.0 (the next update of the network, now renamed the “consensus layer”), the price of Ethereum (ETH) on exchanges reached its lowest level in four years on June 22.
According to data provided by Glassnode, centralized exchanges controlled just under 20 million Ethereum in July 2018.
The number of ethers traded on exchanges has decreased by 10% from 21.191 million in the last five days.
Recent high currency outflows helped support these data points.
Glassnode revealed that currency outflows reached a 13-month high, indicating declining interest among investors in centralized exchanges.
Chainalysis, a blockchain surveillance, reported similar statistics and reporting platform, which stated that the amount of ETH held on exchanges fell from 432.84 thousand to 249.58 thousand in just one day.
The evolution of Ethereum staking
The upcoming update of the Ethereum network is probably the cause of the precipitous drop in the amount of Ethereum that is kept on exchanges.
Unlike the Ethereum network that is currently used, Ethereum 2.0 will require validators to bet 32 Ethereum to verify the authenticity of the network.
The amount of Ethereum being wagered on Beacon Chain, a proof-of-stake Ethereum implementation that will launch in December 2020, has also skyrocketed.
The Proof-of-Stake (PoS) version will be merged with the current main net on September 19. The total amount wagered is 13.14 million, and there are more than 410,000 validators.
The value of the cryptocurrency that ranks second by market cap has risen 37.85 percent over the past month.