The data shows that over the past five weeks, stocks of Ethereum (ETH) at shark and whale addresses have decreased by over 3 million ETH. In other words, during the exact same time frame, Ethereum valued $4.2 billion was drained from Ether accounts holding 100 to 1 million ETH. Since mid-September, the value of ETH has fallen significantly by about 25% as a result of dumps. The statistics show that since the successful Merge upgrade, Ethereum whales have continued to redistribute their holding on the marketplace. This may have been the main cause of the strong selling push that brought the price of ETH to where it is today.
The value of the asset will most certainly increase over the next several days, despite the fact that whales and sharks now hold less coins than they did previously. Big investors typically have a tendency to repurchase the assets they have previously sold.
Bearish mood is generally reflected in the flow of cryptocurrencies onto exchanges, which is frequently done by traders looking to make a profit by offloading their tokens. This suggests that whales anticipate greater price declines in the near term.
According to data from Ultrasound.Money, the Merging update has made Ethereum's production deflation, but prices are all still unstable. Over 4,000 fewer ETH tokens have been created since October 11 last week, but the price has not increased in tandem. Ether's price has decreased by about 25% in the week since the Merge, notwithstanding a reduced supply. At the time of the publication, the price of ether was $1,284.41.
After the Merger, some Ethereum miners “unloaded their ether inventories as they closed down their rigs,” according to Ethereum co-founder and ConsenSys CEO Joe Lubin. This was done since the Ethereum blockchain had transitioned to an evidence of stake method. The CEO blamed inflation and other macroeconomic factors for the continuous decline in the price of ETH, along with that of Bitcoin and the remainder of the cryptocurrency market.
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