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Whales are moving ETH to exchanges: Is a dump coming before the merge?

Ethereum merge is finally happening, and whales are moving their ETH to exchanges before the final date. We will soon witness one of the most anticipated upgrades in the crypto industry. Ethereum will be shifting from proof of work to proof of stake consensus, and the current chain will merge with the new beacon chain. Many hodlers are making their moves and are shifting their coins on crypto exchanges.

Ethereum merge is finally happening

After multiple delays, the ETH merge is on track to be completed in mid-September. The developers have said that things are on track, and they also have completed the Merge Mainnet Readiness Checklist. We will soon see the Bellatrix upgrade happen on September 6th, and the final beacon chain will combine with Ethereum’s main network by September 15th (expected).

Hodlers are moving ETH to exchanges

Credits: BitPay

This could change the entire game of the crypto industry, and many expect that it will lead to positive price action. It will be interesting to see if Ethereum is able to flip Bitcoin and become the largest cryptocurrency by market cap. This could change the entire perspective of Bitcoin maxis and might have a positive or negative impact on the market.

There is also the chance that it doesn’t have much impact on the market, as the ETH merge has been anticipated for a long time now. And the marker has already adjusted to the same.

Why are whales moving ETH to exchanges?

In the past some time, there has been an increase in the amount of ETH being moved to exchanges and a decline in holdings in the largest ETH wallets. This shows that whales are moving their coins to these platforms. Now that is not a positive sign, and it might indicate that they are not anticipating any rally after the merge.

The question is, are they planning to dump their coins after the merge or before it happens? As it is rightly said, buy the rumor and sell the news. So, as ETH merge is finally happening, will it kill the hype that’s surrounding the coins for months now? It could very well be the case, so stay prepared for a price correction.

What are your thoughts as whales are moving ETH to exchanges? And do you think we will see a dump after the merge? Let us know in the comment below. And, if you found our content informative, share it with your friends and family.

Also Read: Vitalik Buterin says people still don’t understand crypto payments.



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