The largest Ethereum holders are preparing to sell their tokens ahead of the transition to the green blockchain

According to Santiment, an analytical company, ethereum whales are preparing to sell their ETH holdings ahead of Ethereum’s transition to the PoS consensus mechanism, as the largest ethereum holders transferred 11% of ETH from their cold wallets to exchanges between May and August.

According to analysts, ethereum whales moved their savings from cold wallets to exchanges to be able to sell their cryptocurrency investments in ETH and buy other digital assets, such as bitcoin, when the value of ethereum increases. However, such activity is rather negative — an increase in sales of ethereum can cause a significant drop in its value if the number of users who want to buy ethereum is not greater than the number of sellers.

However, as CryptoQuant’s crypto expert explained, cryptocurrency investors have no reason to worry at the moment, as Ethereum is in the highest demand on the market. In August, Ethereum accounted for 40% of the total trading volume on the cryptocurrency market, while BTC grew by about 30%. Thus, the approach of The Merge continues to increase investor interest in the asset, despite the price correction in the market.

Obviously, members of the cryptocurrency community have high hopes for Ethereum’s upcoming transition to the green blockchain. The largest Ethereum update in history will take place on September 14 at 22:57:34 (Kyiv time). It is expected that the transition of Ethereum to a PoS network will reduce energy consumption by 99%.