Whales made a mass influx of ETH on exchanges
Cryptocurrency trackers recorded that the largest Ethereum (ETH) holders were very persistent in transferring their virtual assets to the balances of exchange wallets.
Experts noted that this was happening in the run-up to the current merger of ETH networks (Merge) and the transition to the Proof-of-Stake (PoS) algorithm. According to reports, the amount of Etherium holdings among the top 10 OTC Ethereum addresses over the past 3 months decreased by 11%, while on the accounts of trading platforms the inflow of funds increased by 78%.
Experts stressed that users are looking forward to the update, which will take place in September this year. According to analysts, the market has calmed down a bit and the excitement has decreased in recent weeks. The value of ETH has rebounded in the run-up to the procedure. Many whales reduced their own holdings of digital funds, fixing profits. Other investors were selling the virtual asset, fearing that if the merger fails and the network fails, the cryptocurrency’s value could significantly sag.
According to analysts, the influx of a large number of Ethereum coins to exchanges is considered a bearish signal and indicates that the whales expect prices of the cryptocurrency to decline in the near future.
Experts assured: the situation unfolds according to the “buy rumors, sell news” scenario. This is when the value of an asset rises after the announcement of an event, but by the time it happens, the rate pushes back and significantly decreases from its local highs.
Experts expressed confidence that the upcoming procedure will be very important for the cryptocurrency world.