EXCHANGES

Summary from the TLDR Crypto newsletter

Staked ETH has surpassed ETH held on centralized exchanges for the first time, totaling almost $44 billion. Following the Ethereum network's Shapella upgrade in April, ETH held on exchanges began to decrease, while ETH staking surged. This trend, coupled with the new fee-burning mechanism that is core to ETH 2.0 is a fundamental shift in sell-pressure on ETH. While we have yet to see the full effect of this shift or where the balance between staked ETH and ETH on CEXs will balance out, it’s likely to create an interesting dynamic in the next bull run.