After the announcement of the Ethereum Merger, many believe the network is closer to addressing the major issues related to speed and scalability. Hence, the gas fees which had blown the minds earlier may be settled at decent levels. In a recent update, the process of the official Merger is all set to begin on September, 06 with the Bellatrix upgrade.
While everything seems to be fine, whales are showing huge distrust in the upcoming event and further ETH price rally.
A new data rolled out by one of the popular on-chain analytical platforms, Santiment shows a huge flow of liquidity from the address into the exchanges. The ETH whales may have started letting off their holdings, and hence the top non-exchange addresses are liquidating their holdings constantly.
The platform saw a drop of around 11% in non-exchange addresses over the past few days. At the same time, addresses belonging to the top 10 exchanges saw a significant influx, leading to a nearly 20% increase in volume.
The Whales now appear to be uncertain of the upcoming ETH price rally, but the tokens which are dependent on the event are expected to thrive. The altcoins like Lido DAO(LDO) which is a liquid staking protocol from ETH 2.0, and Optimism, which acts as an aggregator for the Ethereum network are also poised for a notable upswing.
Not to be forgotten, Ethereum Classic has already started to gain a bullish effect due to the exit of miners from Ethereum. Collectively, as the Ethereum merger is approaching, and therefore a cloud of haze surrounds the ETH price rally at the moment. Hence, the event may not be bullish for the asset as Ethereum’s high gas fees may continue further.
