The Ethereum Merge has brought a big change in the structure of the blockchain framework. What is striking is the fact that it has also heralded a change in the trading behavior. The Merge update was much expected and it started a big debate about the reliability of proof of stake in comparison with proof of work consensus. The steep fall in the price of ETH went contrary to expectations and the Merge software has only created a negative environment. The varying behavior of whale holdings activity throws a clear picture of how the ecosystem reacted to the event.
Ethereum Whale Holdings Sink
Ethereum Whale have been offloading their hoarded ETH which started parallel with the steep fall of ETH price. According to the market intelligence platform Santiment, there has been a steep fall in ETH holdings of Ethereum Whale. Addresses holding 1k to 10k $ETH saw a drop of 2.24% in their hoarded ETH while 100 to 1k holdings have dropped 1.41%.
“The Ethereum Merge on September 15 has brought on a shift in large address behavior. In the past 6 days since the shift to proof of stake, addresses holding 1k to 10k $ETH have dropped 2.24% of their cumulative holdings. Addresses with 100 to 1k holdings have dropped 1.41%.”
Cardano Vasil Hard Fork To Follow The Merge ETH Price Fall
The fate of Ethereum merge has also increased the worry of the forthcoming Vasil Hard Fork which will augment the functionality, performance, scalability, and interoperability of the Cardano network. The current situation is as follows –
- 75% of mainnet blocks created
- 25 crypto exchanges upgraded
- Top 10 DApps upgraded
The forthcoming the Fed interest rate hike decision anticipated and it is going to affect the crypto sector in a big way. Therefore experts are predicting that ADA prices could go the ETH way post the Vassil Hard Fork.