. According to Glassnode, the total value in the ETH 2.0 deposit contract reached an all-time high of 13,634,077 ETH on 11 September.
This underlines the growing belief in the crypto community for Ethereum’s transition to a Proof-of-Stake consensus.The recent price increase was further shown in Ethereum’s MVRV ratio. After remaining in the red zone for much of September, trader profitability is back up again on the chart. This is an encouraging sign for ETH traders as they look to get the best returns for their holdings. The MVRV ratio for Ethereum stood at 7.5%, at press time. Thus, hinting that a period of relief was underway.Furthermore, according to the analytic firm Santiment, the supply held by top addresses has released over one million ETH from their holdings.
The total worth of this fall would be close to $1.77 billion within a span of over 15 days. Moreover, this drop holds massive importance because whale addresses are often defined as “market makers.”As per Chandler Guo, a concerned Ethereum miner, “Miners will be broke” if the Merge goes through successfully. So the issues around the Merge continue to surface even two days before the launch. We will have to wait and see what comes of it eventually as we close in on D-Day.
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