Despite the rising excitement regarding the Ethereum Merge on September 15, top whales have reduced their holdings. The top 10 non-exchange addresses have sold nearly 3 million ETH worth almost $5 billion since May 10. Meanwhile, the top 10 exchange addresses have added 4 million ETH worth almost $6.52 billion since May 10.
The merge is nothing more than an exit-liquidity event for whales. It will have zero effect on fixing the insanely high gas fees, as admitted by the Ethereum foundation. While retail gambles in because of false hopes, smart whales are jumping ship before the eventual capitulation even further.
Bitmex CEO Predicts $5000+
In a recent blog post
, BitMEX co-founder Arthur Hayes predicted that this phenomenon will help “drive the price of Ether up exponentially,” potentially to $5000 by March of 2023.
When I read this, It made me even more bearish on Ethereum. It shows how early we are into the bear market, as people are still pushing out wild and unrealistic price expectations.
The chances Ethereum rises this much from a tiny switch to Proof-of-Stake is just wishful thinking at its finest. Those who can profit the most of this must be realistic, and understand the overall bearish market trend, which will ultimately take away any long term hype from this event.
Please share your thoughts on this matter, even if you disagree with my views, I am eager to hear everyone’s opinions! :)
Follow my new Twitter account!
Hey Whales, You may have already heard, but I’ve started a new Twitter account following my censorship and suspension on @CryptoWhale.
Thank you all for your unwavering support. I will be posting lots of more articles this week for you all, stay tuned!