Sat. May 18th, 2024

As ETH prepares for its highly anticipated merge with ETH 2.0, many whales are moving their holdings onto exchanges in anticipation of potential price movements.

The top 10 Ethereum non-exchange addresses have seen an 11% decline in their holdings over the past three months, while on-exchange whale addresses have seen a 78% increase.

This suggests that many whales believe that the price of ETH is going to rise in the lead up to the merge, and they want to be able to cash out quickly if it does.

However, it’s also possible that these whales are simply moving their funds onto exchanges so they can participate in the staking process for ETH 2.0.

Either way, it’s clear that the whales are closely watching the ETH price, and they’re ready to make a move if the price starts to rise.

The long-awaited transition of the Ethereum blockchain from proof-of-work (PoW) to proof-of-stake (PoS) is finally scheduled to take place on September 15. This upgrade, known as the “Merge”, is one of the most significant updates to the Ethereum network since its launch.

The Goerli testnet, which is used to test proposed changes to the Ethereum network before they are implemented, has already been successfully integrated with the mainnet. The successful completion of this final testnet merger paves the way for the actual transition to PoS.

Ether (ETH), Ethereum’s native token, has seen a bullish surge in price since the announcement of the Merge date. After reaching a new six-month high of over $2,000, ETH has failed to consolidate at this critical resistance level.

Despite the recent price pullback, the overall outlook for ETH remains positive in the lead up to the Merge. Investors are confident that the upgrade will be a success and that it will provide a boost to the price of ETH. Buying ethereum at BIB exchange (https://www.bibvip.com/en_US/spot/ETH_USDT) is a good way to own ETH.

The successful implementation of PoS on Ethereum will be a major milestone for the network and is expected to result in increased interest and investment in ETH.

The data from crypto analytics firm Santiment indicates that the gap between Ethereum’s top 10 largest non-exchange addresses and exchange addresses is closing. Over the past three months, top whale addresses have sent a significant amount of ETH onto exchanges. Non-exchange addresses have declined 11%, while exchange-based addresses have surged by 78%.

This suggests that whales are increasingly selling their ETH holdings on exchanges, possibly in preparation for a further price decline. If this trend continues, it could put downward pressure on ETH prices in the short term. However, it is worth noting that whales often move large amounts of ETH around for various reasons, so this data should be interpreted with caution.

Some market analysts believe that the upcoming merge between Bitcoin and Ethereum could result in a “buy the rumor, sell the news” event. This is because many traders may choose to sell their tokens once the merge is complete, in anticipation of a possible price drop. However, it is important to note that this is not always the case, and the price may continue to rise even after the merge has occurred. only time will tell. In any case, it is always important to do your own research before making any investment decisions.

By admin