Ethereum whales move their cryptocurrency towards exchanges before the integration upgrade
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Answer Ethereum whales move their cryptocurrency towards exchanges before the integration upgrade
Ethereum’s transition to the Proof of Stake consensus algorithm is approaching.
Yesterday, the Ethereum Foundation revealed that the merger upgrade may happen sooner than previously expected.
The mainnet will be migrated to PoS between September 10-20, after the Bellatrix upgrade.
Currently, the data shows that the major Ethereum addresses have reduced their holdings.
According to cryptocurrency transaction and behavior analysis platform Santiment, the top 10 Ethereum addresses are decreasing their holdings while the headlines of major exchanges grow.
The data shows that these big titles have reduced their exposure by nearly 11% over the past three months.
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This happens less than a month before the consolidation is expected to occur.
This could mean that large entities are preparing to take action based on how events unfold.
At the same time, it is also worth noting that Ethereum appears to be more dominant than Bitcoin in terms of trading volume on a few historical occasions in August.
While CryptoQuant reported that the trading volume of Ethereum is higher than Bitcoin.
For example, on August 22, Ethereum accounted for 40% of the trading volume on exchanges, while Bitcoin represented only 31%.
The remaining percentage is the ratios of trading volume to other currencies.
This led CryptoQuant to the conclusion that despite the declining chatter on social media about the merger upgrade, Ethereum remains very popular, and investors are trading the hype.
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