The gap between ETH on-exchange addresses and non-exchange whales is closing.
Ethereum will undergo the biggest event in its lifetime in the upcoming Merge upgrade scheduled for September 15. However, the enthusiasm seems to be slackening after the bullish run to $2k in July. Data from analytics firm Santiment shows that there has been a considerable decline in the holdings of top ETH addresses in the past three months.
While on-exchange ETH addresses have seen a surge of 78% in the past three months, off-exchange whale addresses, especially the 10 largest whales, have seen a decline of 11%. The gap between on and off-exchange addresses has been closing.
Predicting the Merge to be a ‘buy the rumor, sell the news event,’ experts cite that the impact of the upcoming event is being seen more on the spot market than the futures market.