ETH inflows to exchanges skyrocketed just before the merger; Dumping imminent?

As the Ethereum (ETH) merger update that moves the ecosystem from Proof-of-Work (PoW) to Proof-of-Stake (PoS) approaches, many investors have seen it as a sign that the second-largest cryptocurrency will decline, leading to increased dumping Exchanges with ETH.

Specifically, these exchanges received significant inflows of Ethereum in the days leading up to the merger, increasing the day before the upgrade took place, according to the scheme. . is posted A platform for collecting and analyzing crypto market data CryptoRank On the 15th of September.

The flow of Ethereum to the exchanges. source: CryptoRank

In fact, the graph shows that the total flow of Ethereum to exchanges began to surge on September 12 when it reached nearly 700,000 ETH, and rose to around 1.7 million ETH on September 14 – worth around $2.8 billion at the time.

Traders have been betting that the price of Ethereum will fall even more

In addition, a short liquidation followed after the price of Ethereum fell to $1,565 following the US Bureau of Labor (CPI) Consumer Price Index report on September 13, as traders expected a further decline, according to tweet Published by market information platform feelings On the 15th of September.

Shortening of Ethereum before the merger. source: feelings

However, the statistics chain and social statistics platform said that the price of Ethereum proved wrong as it rebounded moderately to $1,635 at the time of the tweet. Santiment note:

“ETH has the lowest percentage of short positions (the game price will go down) vs. long contracts (the price will go up) since March 2020.”

CoinMarketCap data showed that at the time of writing, it was trading at $1,593. The current price of the Decentralized Finance (DeFi) token is down 0.58% on the day and 2.31% over the previous seven days, with a market capitalization of $195.17 billion.

Meanwhile, ETH miners left with a dwindling number of options after the upgrade are flocking to alternative chains, including Ravencoin (RVN), which hash exploded after the merger, Coinphony reported.

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Post-ETH flows to exchanges just before the merger surged; Dumping imminent? It first appeared on Coinphony.

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