PiCK
"Ethereum's Market Position Weakens Post-PoS Transition... Long and Short-term Investors Halt Purchases"
Summary
- It was reported that Ethereum's market position weakened after the PoS transition.
- Both long-term holders and short-term investors have reportedly halted purchases of Ethereum.
- An increase in addresses holding Bitcoin was observed following the PoS transition.
Claims have emerged that Ethereum (ETH) is facing difficulties following The Merge. The Merge refers to the upgrade where Ethereum transitioned from the traditional Proof of Work (PoW) method to the Proof of Stake (PoS) method.
On the 3rd (local time), Cointelegraph reported, "Since The Merge two years ago, the ETH/BTC ratio has fallen by 70%, leading to a weakened market position and increased concerns over price declines." It continued, "Even long-term holders of Ethereum have significantly reduced their ETH holdings post-Merge, with both wallets holding over 100,000 ETH and those with over 1 million ETH showing decreased Ethereum holdings."
João Wedson, CEO of Alphractal, stated, "The Merge was the worst event for Ethereum," adding, "Post-Merge, both long and short-term holders have stopped purchasing." He further explained that "even cryptocurrency exchange addresses, PoW-era miners, and funds holding over 100,000 ETH are not buying," indicating that investors are losing confidence in Ethereum's long-term prospects.
Meanwhile, according to Alphractal data, the number of addresses holding 100,000 Bitcoin (BTC) and 1 million BTC has significantly increased since Ethereum's transition to PoS.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
