Ethereum miners sold more than $40 million worth of ETH

Ethereum price shows a bigger drawdown than bitcoin price: it is not only the downward dynamics of the cryptocurrency market.
Ethereum’s transition to the Proof-of-Stake consensus has led to Ethereum miners not only looking for other opportunities than mining ETH, which has become impossible, but also selling a noticeable volume of these altcoins – amounting to more than $40 million or 30 thousand ETH. Such sales resulted in ETH falling from a price of $1.65k on September 15 to $1.32k in the first half of September 21, a loss of about 17%.
The price of Ethereum Demonstrates a bigger drawdown than the bitcoin price, and it is not just the downward dynamics of the cryptocurrency market, but the fact that Merge has failed to create support for the growth of this altcoin, despite the fact that it implies a reduction in the volume of ETH issue. Bitcoin’s price has only declined by 7.3% in the same time as ETH lost 17%.
Before Merge, the Ethereum blockchain distributed about 13 thousand ETH daily to ETH miners, which then worked on Proof-of-Stake, and about 1.6 thousand ETH to PoS transaction validators. After the changes, due to Merge and the more significant role of ETH stacking, the size of the annual issue of ETH will decrease, but not so significantly as to be a factor in changing investors’ attitudes to it – only by minus 0.5%. At the same time, according to Ultrasound Money, so far the volume of ETH issuance is growing at an annual rate of 0.2%. In this situation, the amount of ETH that has already been sold off by former ETH miners puts even more pressure on the price of this altcoin.

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