Here are the reasons why Ethereum whales are moving their holdings in Merge on Horizon:

post Here are the reasons why Ethereum whales are moving their holdings in Merge on Horizon: first appeared Coinpedia – Fintech and Crypto News Media | Crypto Guide

Recently, ETH whales have been seen moving their holdings to exchange addresses, with a recent decline in holdings on non-exchange addresses. The move could be attributed to the next merge scheduled for this month.

According to on-chain analytics firm Santiment, the supply of Ethereum within the exchange’s top addresses increased as traders dumped their holdings on the big exchanges amid the 2022 market crash.

In the latest development, a crypto whale transferred 64,000 Ethereum (ETH) worth over $100 million to an unknown wallet.

A wealthy cryptocurrency holder transferred $12,134,766 worth of ETH to an unknown address, a blockchain tracking platform whale alert soon reportAn unknown wallet still holds the transferred assets at the time of writing.

Etherscan, an Ethereum network explorer, has revealed that the deposit wallet is owned by the US division of Binance, the world’s leading crypto exchange platform.

The first big transaction was followed by another follow-up transaction to the same unknown wallet two hours later, transferring 15 ETH worth $23,988.

“64,000 ETH (102,134,766 USD) was transferred from an unknown wallet to an unknown wallet.”

Earlier this week, Whale Alert reported several other large cryptocurrency transfers.

Are Ethereum Whales Preparing for a Merger?

Earlier this month, Crypto analytics firm Santiment revealed that Ethereum whales appeared to be accumulating ETH as the price of the major altcoin surged to its highest level since June. The price spike is likely due to the announcement of the ETH 2.0 upgrade in September.

“Ethereum surged above $1,880 after Wednesday’s positive CPI report. The two-month high was accompanied by a massive influx of ETH transactions worth over $100,000. appears to be accumulating.”

In particular, we also see activity on exchange addresses. According to a report documenting activity over the past three months, Ethereum assets in non-swapped addresses fell by 11%. At the same time, whales’ on-exchange address holdings increased by a whopping 78%.

“Ethereum has seen an increase in supply held by top exchange addresses and it makes sense for traders to dump their holdings onto the larger exchanges during the 2022 slide. Bullish signal. As such, note the decline in top ETH exchange address holdings.” Santiment reported on August 3rd.

ETH is currently transitioning at 1,545.73 USD, down 0.54% on the day. Here are the reasons why Ethereum whales are moving their holdings in Merge on Horizon:

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