Top ETH whales send holdings onto exchanges ahead of ‘The Merge’! New data finds concerning recent activities from some of the biggest whales in the Ethereum market.
On August 24th, Santiment, a crypto analytics firm, published newfound data showcasing the wallet activities of some of the top ETH whales in the market. Many in the community were both surprised and concerned at these activities due to the big changes taking place ahead of the upcoming Ethereum Merge.
🔄 The gap between #Ethereum's top 10 largest non-exchange addresses & exchange addresses is closing as we head toward the #merge in 3 weeks. Since May 10th, these top non-exchange $ETH addresses hold 11% less coins, & top exchange addresses hold 78% more. https://t.co/k5OlJ1hG3D pic.twitter.com/XOAVhXaKPG
— Santiment (@santimentfeed) August 24, 2022
Over the last three months, the top ETH whales have sent huge amounts of their Ethereum holdings onto exchanges. According to Santiment, non-exchange addresses have since decreased by 11%, while exchange addresses increased by 78%.
What Does It Mean?
The sudden activity of moving their Ethereum holdings onto exchange addresses may showcase the decrease of bullish excitement that the whales may have towards ‘The Merge’.
Often times, the act of moving large amount of holdings to an exchange indicates that traders are preparing to liquidate their tokens as soon as possible. This may mean that these Ethereum whales transferring their holdings onto exchanges may want to liquidate their ETH quickly as they are expecting the possibility of ETH prices lowering after ‘The Merge’.
These past months leading up to ‘The Merge’, many in the community have been incredibly bullish of Ethereum’s change from proof-of-work to proof-of-stake. Earlier this August, Ethereum was even able to touch the price of $2,000.
However, since then, many have also suggested that ‘The Merge’ could become a “buy the rumor, sell the news” event, meaning that Ethereum’s price will only continue to rise and soar ahead of ‘The Merge’, but not necessarily after ‘The Merge’ has taken place.
Some in the community have even suggested that the hype for Ethereum will die down after ‘The Merge’ has taken place, and ETH’s price may end up declining.
I think #Ethereum will drop so hard on the Merge day.
The whole anticipation is getting not bought up on the spot market but on the futures market.
— Crypto Rover (@rovercrc) August 23, 2022
With many of the steps in preparing for ‘The Merge’ completed, the only two phrases left are the Bellatrix and Paris phrase before ‘The Merge’ will be successfully completed sometime between the 10th to 20th of September.