Whales move Ethereum to crypto exchanges awaiting integration upgrade
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Answer Whales move Ethereum to crypto exchanges awaiting integration upgrade
The Ethereum integration upgrade is just around the corner.
A merger is an event where the Ethereum mainnet will merge with a Proof of Stake (PoS) network as a consensus mechanism.
This comes after the Ethereum Foundation confirmed that the event should take place between September 10-20.
The merger, which Ethereum enthusiasts have been waiting for for years, has positively affected the price of the world’s second largest cryptocurrency.
Since the date of Ethereum 2.0 was announced on July 15, the price of Ethereum has increased by 70% according to TradingView, despite undergoing a price correction in recent weeks.
This uptrend could quickly reverse due to the moves made by the whales.Read:Nexo partners with Three Arrows Capital to launch NFT-backed lending platform
Data from analytics firm Santiment shows that major Ethereum cold wallets have reduced their Ethereum holdings by 11% in recent months.
This is done by transferring their cryptocurrency to the addresses of the exchanges.
In theory, sending large amounts of cryptocurrencies to exchanges is seen as a negative, as it indicates that large investors want to sell or exchange these cryptocurrencies for other cryptocurrencies.
In this case, this may increase the selling pressure of Ethereum, causing its price to drop dramatically.
If, on the one hand, the movement of whales can cause the price of Ethereum to fall, then the overall demand for the asset continues to be a bullish indicator on the other hand.
A CryptoQuant analyst highlighted that the cryptocurrency Ethereum currently has the highest demand in the market.
In August, Ethereum accounted for 40% of the total trading volume in the cryptocurrency market, while Bitcoin accounted for about 30%.
In this way, the consolidation continues to boost the asset, despite the price corrections that the crypto market has suffered in recent days.Read:“Bitcoin Gold” is exposed to a 51% attack, and the value of the currency “BTG” increases by 19%
Binance will suspend deposits and withdrawals during the integration upgrade.
The integration will be updated in the Bellatrix consensus layer, which will mark the first step towards Ethereum 2.0.
On September 14, the date set for updating the execution layer, withdrawals and deposits will also be suspended.
Despite the shutdowns, other activities involving ETH and other ERC-20 tokens such as spot and futures trading will continue to operate unchanged during the merger.
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