thereum was one of the biggest winners in the crypto market's rally last week. The network received a boost when one of its developers announced that the upcoming Merge would most likely take place in September. It started a chain reaction that spread to the other digital assets in the space. However, based on recent on-chain metrics, investors appear to be far from finished.
Exchange outflows continue to rise
In the last week, both large and small investors have increased their holdings. This is evident in the amount of ETH recorded leaving centralized exchanges versus the amount entering them. The disparity between the two is stark, reflecting how investors feel about investing.Centralized exchanges received $3.3 billion in ETH. However, the volume of ETH flowing out was approximately 100 percent higher. Glassine data show that $6.5 billion flowed out, resulting in a -$3.1 billion net flow.This demonstrates that investors accumulate by transferring ETH from exchanges to personal wallets for safekeeping. It also indicates that these investors have a long-term hold attitude. Furthermore, it demonstrates that the selling pressure that has been weighing on the market in recent weeks has begun to ease. In its place, there is now intense buying pressure, allowing investors to amass as much ETH as possible.
The Ethereum Merger is Getting Closer
Most of Ethereum's gains over the last week can be attributed to information released about the upcoming Merge. The price of the currency had risen by more than 40% due to the announcement, but the price was not the only thing affected by the announcement.
The amount of ETH staked on the network ahead of the Merge had been increasing recently, but it increased significantly after the announcement. At the time of writing, the total amount had reached an all-time high of 13,152,149 ETH, and this figure is expected to rise as the date approaches.
This means that the ETH 2.0 deposit contract now contains more than $20 billion in ETH. This is not the highest point in terms of dollar value, but it is significant given that the price of ETH has dropped by more than 70% since its all-time high.