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Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a constant decline in exchange supply over the past six months post-Merge. The network underwent a major upgrade in September 2022, moving from a proof-of-work (PoW) to a proof-of-stake (PoS) network in an event called the Merge.
According to on-chain data shared by crypto analytics firm Santiment, the amount of available ETH sitting on exchanges continues to fall. Since the Merge, there is 37% less 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.
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