Since the successful launch of the Ethereum Merge, everyone is waiting to see the improvements it might bring to the crypto market. Now finally after two month past since the first launch of Merge, Ethereum and ETH investors can expect some good news.
According to a report by Sentiment, Ethereum and Butcoin will similarly follow a S&P trend. This is good news for the Ethereum community but it all depends on Ethereum whales to continue or not.This is while data from Glassnode has shown that both Ethereum stakers and the number of staked Ethereum has increased since January onwards.
At the time of publication, Santiment reported 414 ETH transactions of $100,000 or more. As of the 17th of October, there were around 209 transactions. Given the nearly doubling effect within 24 hours, this surge showed that whale interest in the currency was highly strong.
See also: what is Ethereum Merge?
In addition to the previously provided data, the price of ETH was revealed to be declining during the past 12-hours. Even if the price looked to have closed in the green during the last two days, it was insufficient to cause an advance in the price of ETH.
On the other hand, Glassnode data shows that the daily ETH exchange netflow was negative. The daily ETH exchange inflow was $170.7 million, according to the on-chain analytical site. The outflow was $212.7 million, resulting in a $42 million deficit. According to these statistics, many retail investors were selling ETH.
Along with shareholder money, the supply possessed by top addresses metric increased. At the time of writing, the top addresses were reported to own over 30 million. As a result, the increasing trend that began in September has continued.
At the same moment, another portion was most likely transmitting long-term funds from exchange to non-custodial wallets. Furthermore, it appeared that Ethereum's prior milestones were not slowing down.