Ethereum: As whales move away, what’s next for ETH?

The trend wasn’t limited to isolated sales. Glassnode’s data revealed a significant reduction in whale holdings. The number of addresses holding more than 1,000 ETH hit a five-year low, with just 6,082 such addresses remaining at press time.This sudden shift in whale behavior raised questions about its potential impact on ETH’s price. With large holders selling off, it could lead to downward pressure on ETH.

This testnet, near finalization, had various client teams, including Prysm, Besu, and Nethermind, actively pushing updates for experimentation. Developers also tackled network challenges head-on. They discussed a proposal to limit Ethereum’s validator sets’ growth rate, initially capping the churn limit at 12 validator entries but later adjusting it to eight.

This adjustment aimed to forestall potential issues arising from Ethereum’s expanding staking system. With broad developer support, the proposal is set to be included in the upcoming Dencun update, with code finalization in progress.At the time of reporting, Ethereum’s price was $1,634.14. However, trading volume had dipped by 16% in the preceding 24 hours, reflecting some uncertainty among traders.

This indicated changing dynamics in the DeFi landscape that could have negative implications for Ethereum’s role in decentralized finance in the future.

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