Ethereum Exchange-Traded Addresses Show A 78% Increase

The transfer of the Ethereum blockchain from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) consensus is the change that the community is looking forward to the most. This will be one of the most significant changes that the blockchain has undergone since it was established.

Following the completion of the integration of the testnet codenamed “Goerli,” the Merge is scheduled to take place on the 15th of the following month (the conclusive net merger in advance of the complete transition). The native token Ether (ETH) skyrocketed to new heights after the announcement of the date of the Merge in July, when its price broke over a previous six-month high of nearly $2,000; nevertheless, it was not able to maintain its effectiveness for the consolidation of significant resistance.

ETH Whales move their funds to exchanges in anticipation of a potential price drop after the merger.

While the Merge is getting near, it seems that the optimistic trend that has been affecting the price of the token as well as the general feeling that has been predominating within the market is beginning to weaken. There has been a significant reduction in the amount of assets held by ETH whales, which accounts for a major share of the market. Santiment, a platform for cryptographic analysis, has published statistics indicating that the gap that previously existed between the top-10 largest non-exchange addresses of Ethereum and the exchange addresses is beginning to close.

There has been a decrease of approximately 11% in the number of ETH tokens held by addresses that are not associated with an exchange, whereas the number of ETH tokens held by addresses that are associated with an exchange has increased by as much as 78% over the course of the past three months. Substantial amounts of ETH tokens have been transferred from prominent whale addresses to exchanges.[rb_related title=”More Read” style=”light” total=”4″]

A bearish emotion is indicated by the crypto flow on the exchange addresses, which is typically carried out on the part of traders in order for them to profit from the sale of their tokens. The fact that more ETH is being sent from whale addresses to exchanges is a hint that these addresses are anticipating a price drop for the token in the near future, as seen by the fact that the number of ETH being sent to exchanges has increased. The value of the asset increased following the publication of the statement that confirmed the date of the Merge.

The Prototype, Testnet, and Mainnet Phases of Ethereum’s Proof-of-Stake Transition

Nevertheless, there is still a possibility that the price will fall as a direct consequence of the particular notable occurrence. The successful completion of the Merge would mark the completion of the second stage of the three-stage process that Ethereum must go through in order to convert to the proof-of-stake consensus. In December of 2020, when Beacon Chain was first introduced, the process of converting PoS systems got underway. It was originally anticipated that the current stage would be finished by the middle of the preceding year; however, a significant amount of postponement has caused it to be pushed back to the third quarter of this year. The third stage is when the most important features are implemented. These include increased scalability through sharding, as well as a significant reduction in the amount of energy that the blockchain needs to operate.[rb_related title=”More Read” style=”light” total=”4″]