The Ethereum Merge is just around two days away, according to the difficulty adjustment, and ETH sentiment has been at an all-time high throughout this period.
The majority of this has been optimistic, but recent market events have prompted investors to adopt a more bearish outlook. The majority of these transactions have been enormous whales moving to centralized exchanges, sparking concerns that significant dumps are imminent.
Prior to the Merge, the activity of Ethereum whales increased. The most noticeable of them have been the huge transactions that have transferred Ethereum onto controlled exchanges like Binance. Investors have begun to question whether these transactions were random or part of a concerted attempt to sell shares.
The first transaction that raised suspicions was the transfer of a total of 150,811 ETH from an unknown wallet to another unknown wallet, which was subsequently determined to have been transferred from the OKEx exchange to the Binance platform. At the time of the deal, the transaction was valued at $259.78 million. While this transaction on its own would not have been noteworthy, more significant transfers to controlled exchanges would soon follow.
Then, an additional 29,879 ETH worth $51.47 million were sent from an unidentified wallet to the OKEx exchange. The subsequent transaction sent 119,515 ETH worth $207,600,000,000 from an unidentified wallet to the Binance exchange.
Then, 22,397 ETH worth $38,56,000,000 were transferred from Bitfinex to an unidentified wallet. While another huge transaction involving the transfer of 37,499 ETH worth $64.57 million from an unknown wallet to another unknown wallet occurred. All of these transactions had occurred within an hour, fueling suspicions of a sell-off after the completion of the Ethereum Merge.
The short-term outlook for digital assets is gloomy due to these huge transactions that are transferring significant quantities of ETH onto controlled exchanges. Now, the Ethereum Merge has generated a great deal of buzz, but it seems to be another “buy the rumor, sell the news” occurrence.