Ethereum whale transactions peak at 2-month high amid Goerli testnet merger

The Goerli testnet successfully merged to PoS network, marking the final step in Ethereum’s mainnet transition. With the triumphant final testnet merger, it is possible that the Sept. 19 mainnet transition could proceed as planned.

Goerli, the final and third testnet after Ropsten or Sepolia, is Ethereum’s last rehearsal before the PoS transition.

BREAKING: Proof of Stake Mainnet(tm), activated by the Goerli Testnet
— August 11, 2022, bankless.eth (@BanklessHQ).

PoS Merge is one of the most important updates to the Ethereum blockchain. The bullish sentiment behind it has begun to reflect on the price of the altcoin. Since June 2022’s bottom at $885, the native token Ether has seen more than a double in price.

The price of ETH surged above $1,919 Thursday, along with the rest on the crypto market, after the government released consumer prices index data. These were lower than expected.

In terms of daily gains, ETH beat Bitcoin (BTC), registering a double-digit increase. Santiment data revealed that whale transactions worth $100,000 or more aided price momentum. This is due to a growing number of whales.

ETH Whale Transactions Reach 2-Month High Source: Santiment

ETH has also seen a recent increase in capital inflows to Ethereum-based institutional investments funds. In the week ended August 5, these institutional products attracted $16.3million from investors. Similar Bitcoin funds saw capital outflows of $8.5 million during the same time period. This suggests a growing bullish sentiment from institutional investors.

Related: Three signs that Ethereum’s price will reach $2.5K in September

The Merge of the mainnet is just over a month away and ETH prices are showing a bullish trend. Leading crypto platforms have joined the Merge. In anticipation of a successful transition, the market appears to be using “buy the rumor, sell the news” to increase ETH prices. This could lead to a significant price correction in September when traders may “sell the news”.

Close Bitnami banner