ETH Whales Move Holdings to Exchanges Ahead of Merger

The top 10 Ethereum addresses without an exchange saw their holdings decline by 11%, while whale addresses on exchange saw a decline of 78% increase in the last three months.

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The Ethereum blockchain is set for one of the biggest updates since its inception, as it will transition to Proof-of-Stake (PoS) consensus mining from its current Proof-of-Work (PoW).

The merge date is set for September 15, after the successful integration of the Goerli testnet: the last testnet merge before the actual transition. Ether (ETH), the native token, was on a bull run after the merger date was announced in July, with the price of ETH hitting a new six-month high of over $2,000, but did not failed to consolidate critical resistance.

Bullish enthusiasm in terms of token price and market sentiment seems to be waning as the merger nears. A significant chunk of ETH whales saw a sharp decline in their holdings.

Data from crypto-analytics firm Santiment indicates that the gap between the top 10 non-exchange addresses and Ethereum's exchange addresses is narrowing. Over the past three months, top whale addresses have sent a significant amount of ETH on exchanges, with non-exchange addresses seeing an 11% drop, while exchange-based addresses have seen a 78% increase. %.

Ethereum Top 10 Exchange and Non-Exchange Wallets The increase in the amount of ETH by whale addresses on exchanges suggests that these whales expect the price to drop in the future...