Ethereum whale transactions peak at 2-month high amid Goerli testnet merger
ETH price reached a new 2-month high of $1,919 as institutional inflows saw seven straight weeks of inflows even when Bitcoin has seen a net outflow in the same period.
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The Goerli testnet was successfully merged to the proof-of-stake (PoS) network, marking the final step before Ethereum’s mainnet transition. The triumphant final testnet merger means the mainnet transition slated for Sept. 19 could go as scheduled.
Goerli is the third and final testnet after Ropsten and Sepolia that makes Ethereum’s final rehearsal before its official transition to the PoS network.
The PoS Merge is considered to be one of the most significant updates for the Ethereum blockchain since its inception, and the bullish sentiment behind the event has started to reflect on the altcoin’s price. The native token Ether (ETH) has more than doubled its price since bottoming at $885 in June 2022.
ETH price surged over $1,919 on Thursday along with the rest of the crypto market after the government released consumer price index data, which turned out to be lower than expected.
ETH outperformed Bitcoin (BTC) in terms of daily gains registering a double-digit surge. Data from crypto analytic firm Santiment revealed that the price momentum was aided by whale transactions valued at $100,000 or more. The increase in whale transactions comes amid a growing accumulation of whales.
ETH Whale Transactions Reach Two-Month High Source: Santiment
ETH also registered a recent uptick in capital inflows into Ethereum-based institutional investment funds. These institutional products attracted $16.3 million from investors in the week ending Aug. 5. Similar funds for Bitcoin witnessed capital outflows worth $8.5 million in the same period, suggesting a growing bullish sentiment among institutional investors.
With the mainnet merger just over a month away, ETH price is seeing a bullish momentum with leading crypto platforms putting their weight behind the Merge. The market seems to be deploying “buy the rumor sell the news” where the ETH price has started to surge in anticipation of a successful transition and could see a substantial price correction after the upgrade in September when traders potentially begin to “sell the news.”