People in the community are curious about the amount of ETH transferred just one month before the Merge; some say it will be dumped, while others say it’s for staking.
After three years of dormancy, an Ethereum whale wallet that took part in the genesis initial coin offering (ICO) and acquired roughly 150,000 Ether (ETH) in 2014 was reactivated on August 14.
As the price of ether soared to a new three-month high of over $2,000, the whale address sent 145,000 ETH to numerous wallets. With a few transfers exceeding 10,000 ETH, the transfers were typically made in batches of 5,000 ETH. The wallet address currently has a balance of 0.107 ETH, with a total transfer value of over $280 million.
The whale wallet has only been used twice since the ICO; the first time was in July 2019 when it sent 5,000 ETH to the exchange Bitfinex while Ether was trading at $219, with a transaction value of just over $1 million. The 145,000 ETH transfer was the whale wallet’s second use since the ICO.
Many in the community speculated that a large amount of ETH moving around could have been dumped before the Merge, the official switchover from the current proof-of-work-based blockchain to a proof-of-stake one. It’s important to remember that the majority of transactions, as opposed to exchanges, are made to unidentified wallets.
Following the successful merging of the Goerli testnet to the Beacon Chain (the PoS chain activated in 2020), the last practice before the official transition, Ethereum’s transition to a proof-of-stake network is scheduled for September 15.
Since Ethereum’s launch in 2015, The Merge is regarded as one of the most important updates. After several setbacks and testnet integrations, the three-phase transition process started in 2020, and Ethereum is now scheduled to switch to PoS in the third week of September.