ETH ינפלאָוז צו יקסטשיינדזשיז סקייראַקאַטיד פּונקט איידער די צונויפגיסן; דאַמפּ אָט-אָט?

ווי די עטהערעום (עטה) Merge update transitioning the ecosystem from the דערווייַז-פון-אַרבעט (PoW) to the Proof-of-Stake (PoS) algorithm was approaching, many ינוועסטערז saw it as a signal that the second largest קריפּטאָקוררענסי would drop, leading to an increase in dumping ETH on the יקסטשיינדזשיז.

Specifically, these exchanges received a significant influx of עטהערעום in the days leading up to the Merge, spiking on the day before the upgrade took place, according to a chart ארויס by the crypto market data aggregation and analytics platform קריפּטאָראַנק אויף סעפטעמבער קסנומקס.

Indeed, the chart shows that the total influx of Ethereum to exchanges started rising on September 12 when it amounted to close to 700,000 ETH, skyrocketing to around 1.7 million ETH on September 14 – worth around $2.8 billion at the time.

Traders bet on Ethereum price dropping further

אין דערצו, קורץ liquidations ensued after the price of Ethereum dropped to $1,565 after the U.S. Bureau of Labor’s קאָנסומער פּרייס אינדעקס (קפּי) באַריכט on September 13, due to traders expecting it to fall further, according to the טוויט published by the market intelligence platform סאַנטימענט אויף סעפטעמבער קסנומקס. 

However, the on-chain and social metrics platform said that the price of Ethereum proved them wrong as it bounced back mildly to $1,635 at the time of the tweet. Santiment noted: 

“ETH Has Lowest Ratio of Shorts (Betting Price Will Go Down) vs. Longs (Price Will Go Up) Since March, 2020.”

At press time, it was trading at $1,593, as קאָונמאַרקעטקאַפּ data demonstrates. The decentralized finance (דעפי) token’s current price represents a drop of 0.58% on the day and 2.31% across the previous seven days, while its market capitalization stands at $195.17 billion.

Meanwhile, the PoW miners of ETH that were left with decreasing number of options after the upgrade, are flocking to alternative chains, including Ravencoin (RVN), whose hash rate exploded post-Merge, as פינבאָלד געמאלדן.

אָפּלייקענונג: דער אינהאַלט אויף דעם פּלאַץ זאָל ניט זיין געהאלטן ינוועסמאַנט עצה. ינוועסטינג איז ספּעקולאַטיווע. ווען ינוועסטינג, דיין קאַפּיטאַל איז אין ריזיקירן.