Ethereum market makers will no longer need to battle $30 billion in selling pressure every two years
as per latest mysterious research Data, Ethereum miners added nearly $30 billion in cryptocurrency to their wallets over the past two years thanks to ETH mining operations. With the arrival of the merge update, the market will no longer face selling pressure worth billions of dollars every year.
Should investors be happy?
Billions worth of selling pressure from a certain entity of traders is always a negative factor for an asset’s performance on the market, especially if the coin’s liquidity is problematic or relatively low.
Considering Ethereum’s ability to absorb large selling and buying volume, the absence of $30 billion in selling pressure in just two years should certainly help the cryptocurrency’s positive performance on the market.
But the lack of selling pressure from Ethereum miners will be partially replaced with validators’ profits from Ethereum staking, which are still singificantly less than profits from mining operations.
It is also important to note that the lack of access to the Ethereum network would have affected the financial efficiency of mining if the PoW algorithm was still active.
Ethereum losing momentum
Only a few days prior to the Merge, Ethereum’s price performance was showing exceptional results with a short-term 20% rally, while most digital assets were losing up to 7% of their values.
Unfortunately, the situation has changed, with bitcoin, solana and other assets entering a short-term bullish cycle, but the second largest cryptocurrency in the market has not. The main reason could be related to technical migration to different networks or lack of motivation to actively trade the asset, which could potentially lead to some technical issues during the upgrade.
