Nearly 1 Million Ethereum (ETH) Burned Since Merge Update: Details

On Sept. 15 last year, Ethereum implemented the historic Merge upgrade, which ushered in the transition from the proof-of-work (PoW) consensus mechanism to the proof-of-stake (PoS) mechanism.

Timeline of Ethereum

The debut of the testing system – designed to be twice as big as the main network so developers can simulate massive scaling, comes a year after Ethereum completed its historic "Merge" shift to a "proof-of-stake" model from the original "proof-of-work" setup that Bitcoin uses.

An upcoming upgrade to the Ethereum ecosystem will introduce a mechanism to adjust the network staking rate, according to developers. Moreover, growing concern suggests that staking too much ETH will impact its economic environment.

Data shows the Ethereum leverage ratio has been going up recently, something that may lead to higher volatility for the asset's price. Ethereum Estimated Leverage Ratio Has Risen To 23% Now As explained by an analyst in a CryptoQuant Quicktake post, the Ethereum leverage ratio is pointing at increased risk in the market.

Market intelligence firm Santiment has examined Ethereum's on-chain activity. It's latest post on X (former Tweeter) shows Ether's daily active addresses climbed to historic peaks of approximately 1,089,993 on 13 September. That represents the second-highest 24-hour transacting addresses in Ethereum's 8+ year history.

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading above the $26,400 level on Thursday. Ethereum (CRYPTO: ETH), also moved higher, trading above the key $1,600 mark this morning.

Key Points: On-chain analyst Yu Jin sounded the alarm bells when a prominent whale abruptly halted their continuous selling of MAGIC, ARB, and RDNT tokens. This unexpected move resulted in a staggering loss of $1.36 million for the investor, making waves in the crypto community.

Since Ethereum's Merge on Sep. 15, 2022, the crypto industry has been abuzz with discussions about its supply dynamics. The Merge marked the network's transition from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS), significantly altering its issuance rate.

ETH price is riding a bullish wave triggered by another spot Bitcoin exchange-traded fund (ETF) filing on Tuesday by Franklin Templeton Digital Holdings Trust. The news came at a time when the market was worrisome, with BTC price dropping to retest $25,000 support while Ethereum returned to levels last seen in March at around $1,531.

A recent data dump from IntoTheBlock reveals a puzzling trend: a whopping 640,000 ETH has exited exchanges. This mass exodus of Ethereum from trading platforms was not exactly on anyone's bingo card, especially given Ethereum's recent market performance.

Hashdex is pursuing approval to present a hybrid blend of spot and future contracts Ethereum ETF, with an application submitted by the Nasdaq stock exchange to the United States Securities and Exchange Commission (SEC).