🚀 ETH Outperforms BTC as Exchanges See Largest Daily Outflow Since 2021:

▪️ Since the beginning of July, the balance of ETH on CEXs has reduced from 21.7 million to 20.6 million, putting net outflows at approximately 1.1 million ETH.

▪️ On 7th-July, we saw the largest daily net outflow of ETH from exchanges since July-2021, totaling more than 600k ETH. An additional net outflow of 400k ETH took place on 14th-July.

▪️ These large outflows have coincided with ETH’s price recovery. Not only has ETH bounced 80% from last month’s low, but it has also outperformed BTC by 35% in the past week. The ETH/BTC ratio currently sits just below 0.07, levels unseen since early May-2022.

▪️ An updated deadline for the ETH Merge may have acted as a leading catalyst for the strong price performance, as investors gain more certainty around potential timelines. Although not finalized, 19th-Sept is now the tentative date for the Merge.