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Investors predict optimistic behavior as we approach this summer’s forthcoming upgrade to Ethereum 2.0 since over $500 million in ETH was taken from crypto exchanges last week.

According to IntoTheBlock statistics, 180,000 ETH was removed from exchanges on March 15 — the largest aggregated exchange removal of Ethereum since October last year. Ethereum’s price climbed by 15% in 10 days, and it is currently worth $2,969 as of press time.

Coingecko believes this is the second-highest 7-day rise among the top ten cryptocurrencies by market value, behind only AVAX at 25.9 percent.

In the summer of 2022, Ethereum 2.0 will be released, with the protocol’s consensus mechanism switching from PoW to PoS.

Ethereum investors are positive

Chainalysis, a blockchain analytics platform, estimates that a maximum of 352,317 ETH may have left exchanges in a single day — an amount that hasn’t been calculated by the company in the past six months, even though the business considers significant outflows to be “bullish” signs.

Assets stored on exchanges rise, according to the business, if more market participants desire to sell than purchase, and if buyers want to deposit their assets on exchanges.

According to Glassnode statistics, almost 550,000 ETH have left centralized exchanges too far, bringing the net ETH balance down to 21.72 million ETH, down from 31.68 million ETH in mid-2020.

In Lido’s stETH pools, another 200,000 ETH was staked. Lido is a staking service that helps users overcome the challenges of staking on the Ethereum 2 Beacon Chain, such as meeting the minimum staking requirement of 32 ETH or multiples thereof.

Over 1 million ETH was invested in Lido’s Ethereum 2.0 smart contract by ETH holders.

A broader crypto rise is currently underway

The rise in ETH follows a trend that has seen nine of the top 10 currencies rise in the last week. Due to the Federal Reserve’s 0.25 percent interest rate hike on Wednesday, all coins except Terra (LUNA) gained at least 5% this week.

Bitcoin is up 8%, with a potential 39,000 BTC outflow on March 18, 2022, worth $1.6 billion.

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