ETH Merge: Selling Event?
Introduction
- In This Dashboard, You will Read about Miner Activities on the Ethereum chain before and after the Merge.
- I examined the Miners on the Ethereum chain in the last 30 days. We want to know Was the Merge a selling event? Why or why not? To understand that, I analyzed these parameters:
- Transfer ETH
- Swaps From ETH
- Swaps To ETH
- Swap Volumes
I created a time frame to show Before and After Merge on charts
Analyzed By Hess - Reading Time Almost 8 Min
Swaps
- Total Daily miners that swapped from ETH decreased after the merge. The total number of swaps didn’t change too much and it was like before the merge. The Only difference was ETH amounts. The total daily swapped ETH amounts increased significantly on MERGE day. Also, After the merge, the ETH amounts increased.
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Method
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I extracted Miner’s address from the fact block table. As you know The Ethereum Merge happened on September 15. To understand better, I divided the time frame into two and three categories. Before the merge, Merge day and After the Merge.
case when date < '2022-09-15' then 'Before Merge' when date > '2022-09-15' then 'After Merge' when date = '2022-09-15' then 'Merge Day' end as type
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I used my findings in ETH transfer and DEX swap tables.
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A SUMMARY OF THE MOST IMPORTANT FINDINGS
Transfer ETH
- The total Daily number of Miners that transferred ETH increased at Merge Day but after that decreased in comparison to the before the merge.
- The total transactions increased on Merge day and the day after but after that dropped significantly.
- Total Daily Eth amounts and volume in USD increased at Merge day buy like the other parameters, decreased after the Merge day.
Swaps
- Overall, Miners bought ETH before the Merge day But On Merge day and after that, Miners sold their ETH more.
- The total Daily Number of swaps and swappers from ETH increased on Merge day but after that decreased.
- But Daily ETH amounts increased during the Merge day.
- Based on Volume, Miners swapped from and to stETH on Merge day.
- Based on the number of transactions, Miners swapped from two USDC during the merge.
- After Ethereum Merge, more miners sold their ETH in comparison to Buy.
Full Analysis
- Like Miners and transactions, On Merge day ( September 15) nearly 40K ETH transferred by miners. This amount was double than the other days before the merge. The average amount of ETH that transferred before the merge was 28K ETH and after Merge was 9K ETH.
> ALL THE BELOW PARAMETERS ARE BASED ON THE MERGE DAY AND AFTER THAT.
Conclusion
- Why do you think Miners Sold more and buy less? In my opinion, Miners knew that the ETH price will be dropped. Or Maybe they didn’t want to take a risk. They prefer to Sell their ETH and wait for what will happen next.
- Also, There was unusual activity on MERGE day. Miners swapped their ETH to stETH and again Swapped Their stETH to ETH or maybe vice versa. Maybe there was an Arbitrage opportunity and they use that opportunity.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS
:writing_hand: Twitter: @hessaminanloo
:t-rex: Discord: hess#0890
:calendar: Analyze Date: 2022/SEP/30