The daily market analysis confirmed that Ethereum outflows on centralized exchanges hit new record highs, with more than $1 billion worth of Ether withdrawn within 24 hours.
Ether exodus is now happening for the second time this year, with Ethereum outflows on centralized trading platforms surpassing $1 billion previously in April. The event left Ether’s price skyrocketing sharply at the time.
The net amount of $ETH leaving exchanges just hit a new record
Over $1.2B worth of $ETH left centralized exchanges yesterday
— IntoTheBlock (@intotheblock) September 16, 2021
According to IntoTheBlock blockchain analytics provider, roughly $1.2 billion worth of Ether was withdrawn from centralized exchanges on September 16, 2021, to mark a new record high in short-term outflows.
As IntoTheBlock reports, centralized trading platforms intensified a similar trend in April after roughly $1 billion was pulled from exchanges. Remarkably, the outflows left Ether prices rallying 60% in 30 days.
Nonetheless, the situation has changed since April’s Ethereum centralized exchanges exodus.
Earlier last month, the highly anticipated London upgrade introduced a burn mechanism in Ethereum’s fee market, creating increased deflationary pressure on Ether supply dynamics.
Since the London Upgrade EIP-1559 went live, roughly 309,505 Ether worth more than $1.1 billion has been burned in just 42 days, according to data acquired from Ultrasound Money.
EIP-1559 has successfully managed to remove the supply of Ether at roughly the rate of 5.05 ETH ($18.061) every minute or $26 million daily since that upgrade.
— Lark Davis (@TheCryptoLark) September 17, 2021
In a relatively shallow contest, Booming NFT marketplace, OpenSea ranks as the leading DApp to burn Ether supply at more than 14%, followed by Uniswap V2 with 5.5%, and Axie Infinity with 3%. Ether transfers have also supported roughly 8.7% of burned Ether supply.
IntoTheBlock also noted that steady Bitcoin outflows intensified on centralized trading platforms since peaking at 17% of supply in May.
The all-time peak exchange balance was 17%, hit on the exact bottom of the March 2021 sell-off.
The trend changed that day. pic.twitter.com/CooGIBmaCh
— Yann & Jan (@Negentropic_) September 14, 2021
However, Glassnode on-chain analytic firm said that Bitcoin reserves within centralized exchanges have fallen to their lowest level since February 2018.