INTRODUCTION

It’s been exactly 1 month since the merge was completed. And it was a success! Ethereum is now a Proof of Stake blockchain and it uses 99.5% less energy.

In this dashboard we will examine user behavior related to CEXs from August 15 - today, 1 month before and 1 month after the merge.

AaNOTE: One big user behavior change is less demand for GPUs…. (Good News for the Gaming/AI guys out there.)

METHODOLOGY

We will see data about number of Users, transactions and volume on transfers from/to CEXs in the last 2 months.

DATA SOURCES: Data we taken from Flipside’s ETHEREUM tables.

CEXs.

Per CEX Metrics.

TRANSACTIONS

VOLUME

On the 2 left charts we see the number of Users that transfer funds to the chain/ to the cex. Binance has more than 50% market share as it can easily be noted. FTX is second and Crypto.com is third on all days.

Someone can track each exchange separately but here we don’t see any notable difference pre and pose Merge except the usual ups and downs that can happen due to various reasons especially on a bear market.

USERS

The number of transactions again have Binance the clear winner. The rest of the exchanges didn’t see any noticeable change.

On the volume charts we see that post Merge volume is a little lower on both directions. On Sep 15 the volume was the highest with more than 1M ETH being transferred from/to CEXs. After the Merge and especially after one week after the Merge volume was reduced at levels 0.1M-0.4M ETH on both directions.

CONCLUSION

• After the Merge number of Users on outflow was a little lower. (People staying on CEXs).
• Daily volume Post-Merge was lower and inflows + outflows less than $5B.
• Binance has more than 50% on Users market share.
• There wasn’t any noticeable change on an exchange in the last 2 months.
• Transfer Volume on Sep 15 (Merge Day) was at a peak of ~1.1M ETH both from/to exchange.

On the left we see the daily number of Users transfer money from/to CEXs, before the merge both inflow and outflow were stable at 40k-50k. After the merge the inflow was stable at the same levels but the outflow saw big swings from a low of 24k Users on Oct 2 up to 141k Users on Sep 27.

The daily number of transactions follow a similar pattern to Users. Before the merge things were pretty stable at 40-60k ranges but after the merge inflow again was stable but outflow transactions ranged form 30k on Oct 9 up to 153k on Sep 27.

Daily USD volume seems to be a little higher pre-merge. Excluding Sep 5 where outflows reached a record $37B, usual inflows + outflows were less than $10B daily pre-merge. Post-merge inflows + outflows most of the days remain at less than $5B daily.

This could be due to the fact that most Users that are not active traders tried to anticipate the effects of the Merge and made their buy/sell positions before Sep 15 and they have been waiting since.