EtcdMemberIPMigratorDegraded: rpc error: code = Canceled desc = grpc: the client connection is closing

Issue

Following spam event is shown in the cluster even when etcd is healthy:

NAMESPACE                 LAST SEEN   TYPE      REASON                  OBJECT                                      MESSAGE
openshift-etcd-operator   56m         Normal    OperatorStatusChanged   deployment/etcd-operator                    Status for clusteroperator/etcd changed: Degraded message changed from "NodeControllerDegraded: All master nodes are ready\nEtcdMembersDegraded: No unhealthy members found" to "EtcdMemberIPMigratorDegraded: rpc error: code = Canceled desc = grpc: the client connection is closing\nNodeControllerDegraded: All master nodes are ready\nEtcdMembersDegraded: No unhealthy members found"