Share of total ETH supply at the largest addresses increases by 6,7% after The Merge

This was reported by analysts at Santiment after studying the Top 10 over-the-counter wallets

01.11.2022 - 14:00

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What’s new? Experts at analytics firm Santiment reported that the Top 10 OTC addresses on the Ethereum network continue to accumulate assets after The Merge upgrade. Large investors have added another 6,7% of the total ETH supply to their wallets since September 15. In the same time, the top 10 crypto exchanges have only raised their share by 0,2%.

🐳 #Ethereum's" class="redactor-linkify-object">https://twitter.com/hashtag/Ethereum?src=hash&... top 10 largest non-exchange addresses have been accumulating assets after their big drop-off leading up to September's merge. They have added 6.7% more $ETH. Meanwhile, the top 10 exchanges are standing pat with just an 0.2% rise. https://t.co/h5CxDwOphX pic.twitter.com/msrrzvhB4P — Santiment (@santimentfeed) November" class="redactor-linkify-object">https://twitter.com/santimentfeed/status/158726285... 1, 2022

What other data is known? As of November 1, the top 10 investors own 23,7 million ETH (about $37,78 billion at the Binance rate on November 1, 13:25 UTC). Exchange addresses own only 8,7 million ETH (~$13,87 billion).

The number of new smart contracts on the Ethereum network increased to a 16-month high since October 9. Earlier such activity was observed only in July 2021. At the time of writing, ETH is trading at $1594, down by 1,8% per day.

What is known about The Merge? On September 15, at 06:45 UTC, the Ethereum network switched from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). The method of earning ETH changed from mining to staking, network management shifted from miners to validators, and the asset became deflationary.

For what to expect from the reduction in coin supply following the network’s transition to PoS, see GetBlock Magazine’s article.

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