The balance of Ether on exchanges is at an all-time low amounting to 9.9% of the total circulating Ethereum supply. We largely attribute the decline in Ether exchange balances to the Shanghai hard fork in mid-April, which at long last provided stakers with the option to unstake Ether. This option has provoked a reshuffle of staked Ether, along with an overall increase in the amount of staked Ether. This has caused more Ether to be withdrawn from exchanges to be staked elsewhere. One is the direct implication of the Shanghai hard fork; another is the market sentiment. The Shanghai hard fork was a risk-off event for ... (full story)