Evidence shows that Ethereum whales have taken advantage of the low prices and increased their investments. A single whale had bought about $1.7 billion worth of ETH futures in recent weeks. Others may follow suit.
Net flows on exchanges also show a similar accumulation. Investors seem to get their ETH from centralized exchanges. In the past 24 hours, $739.3 million worth of ETH has moved from CEXs, representing negative net flow of -$156.7 million.
Ethereum Merge Boosts Growth
It is clear that the Merge is behind the recent rise. The upgrade is increasingly anticipated, with mixed feelings from investors about what will happen next. In any case, there is plenty of bullish sentiment.
As expected, there is growing support for hard forks, which is expected to happen after the merger, but the ETH PoS is still getting massive support. More users have also come to stake their ETH ahead of the Merge. This has led to a record number, currently about 10% of the total ETH supply has been staked.
There is no certainty about what will happen to the price of ETH once the upgrade is complete. The price can go either way depending on investor sentiment towards the digital asset. However, the consensus remains that the move to proof-of-stake is a critical event for the network to move towards more mainstream adoption.
