A new daily outflow record has been recorded yesterday as approximately 292,199 Ether (over $1.2 billion), has been pulled-out from trading platforms, explicitly centralized exchanges. This record-breaking figure has now raised conjectures amongst the public that the price of ETH is bound to skyrocket, primarily because its overall supply has dwindled significantly on several trading platforms.
IntoTheBlock, a well-known analytics firm, reports that ETH’s global price jumped by 60% over the past few weeks following the last $1 billion pull-out from centralized trading platforms back in April of this year. While experts believe that the same effect – or perhaps greater – is to happen with this current ETH pull-out, it is worth noting that the situation has significantly changed since last April.
Ethereum’s London upgrade, released last month, introduced a burning framework within the network’s fee market, casting upon a much intense deflationary pressure on ETH’s supply dynamics. According to the latest report of Ultrasound Money, Ethereum’s London upgrade has now burned precisely 309,505 ETH. Converting that amount of ETH to today’s market prices, the 42-day-old upgrade has now notably burned over $1.1 billion.
As of press time, ETH’s price stands just a tad below $3,500 – going up and down through the past few days.