ETH: anticipating The Merge

For the last couple months, the biggest narrative for ETH no doubt, and one of the biggest narratives for the whole crypto has been The Merge. People are anticipating ETH becoming deflationary, many theories came up on how to value ETH 2.0, staking services have been one of the hottest things in crypto for quite some time now.

But as we all know, actions speak louder than words, especially when people who talk have skin in the game. So let's try to see what different market participants are actually doing, and are they ready to put their money where their mouth is.

As you can see, smaller holders, holding 1-10 ETH and 10-100 ETH are behaving almost identically, steadily increasing their holdings for the last 6 months.

On the other hands, larger holders (1-10K ETH) aren't feeling that optimistic, their holdings decreased during the winter and have been pretty much flat since.

The largest of the considered groups (10-100K ETH) changed their mind more in the past, they have been accumulating during the March mini-rally, and since that have been decreasing their holdings.

So in general, looks like bigger ETH holders aren't so sure of the positive impact of upcoming ETH merge, we might even say that "big wallets are selling to the smaller ones".