ETH Merge: Selling Event?

    What is the question?🚨


    Were miners the source of sell pressure? 

    What miners did with their ETH after merge?

    Where did miners send their ETH to?

    What we will cover in this dashboard?🌊


    • Daily ETH Price
    • CEXs and DEXs ETH Stats
    • Daily Selling and Buying In DEXs
    • ETH Transferring in CEXs
    • Miners Activity
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    Method⚡


    For solving above questions, I went through ETH merge that happened on Sep 15th and analyzed what happend after merge and what did miners do with their eth and some more.

    I used ==Ethereum.core== database provided by Flipsidecrypto and mainly used ==“ethereum.core.ez_dex_swaps”== ,

    ==“ethereum.core.ez_eth_transfers”== and ==“ethereum.core.fact_blocks”== tables.

    ==15537351== was the merge block number and i used to separate before and after merge periods.

    Also i used Log Scale for some charts to make them more understandable and readable.

    All the charts and analytics that i provided and you are going to see are since the beginning of September until today (2022-09-29)

    Introduction🚩


    What was Ethereum merge?

    The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since genesis) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the network to be secured using staked ETH.

    More Info

    Who are Ethereum miners?

    Mining is the lifeblood of any proof-of-work blockchain. Ethereum miners - computers running software - used their time and computation power to process transactions and produce blocks prior to the transition to proof-of-stake.

    More Info

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    CEXs and DEXs ETH Stats

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    Findings👀


    • September as we expected was a sell month in DEXs and most of the miners sold their ETH in this month
    • Number of Buyers and Sellers in DEXs are close but sellers did so many more transactions than buyers
    • Most Users and specially miners sent their ETH to CEXs to sell them
    • 69.3% of users(1025139) send their ETH to CEXs to sell them and 30.7%(454482) received ETH from CEXs
    • Sending ETH transactions to CEXs were almost 450K more than receiving ETH from CEXs
    • Users mostly sent and sold their ETH in DEXs and CEXs
    • Both in CEXs and DEXs, number of sell transactions ,sell volume and number of sellers were more than buyers and buy stats

    Daily Selling and Buying In DEXs

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    Findings👀


    • Selling transactions in DEXs rised after merge day(Sep 15th)
    • Sellers peaked in September on Sep 15th in DEXs
    • Selling ETH Volume was at its highest on Sep 16th (1 day after merge)
    • Number of buyers after merge started to drop slowly and it seems like most of miners wanted to sell their ETH
    • Users were mostly selling their ETH after merge and number of sellers were more than number of buyers

    ETH Transferring in CEXs

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    Findings👀


    • The day before merge(Sep 14th),1.72M ETH was sent to CEXs and the after that(merge day), almost 1.1M ETH was sent to somewhere else from CEXs
    • Users mostly sent their ETH to CEXs in September than receiving them from CEXs

    Miners Activity

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    Findings👀


    • There were so many of ETH transfers that went to Binance ,Coinbase and gate.io
    • Looks like the CEXs that i mentioned above were more popular between miners than others
    • Most of the ETH volume transferred to Binance,Kraken and Bitstamp
    • In overall Binance is the most popular CEXs between miners and i think its the most popular CEX in the world
    • Miners mostly moed their ETH to DEXs and CEXs than other platforms and sectors
    • 47.7% of miners ETH volume were sent to DEXs
    • Most of transfer transactions by miners was to CEXs, it means that there were more transfer transactions to CEXs and dApps but huge amounts went to DEXs
    • Most miners sold their ETH on Sep 15th in DEXs
    • Selling transactions and and miners were at its highest on Sep 15th the merge day and after that they started to drop dramatically
    • A total of 12.57M ETH sold in DEXs by 22 miners in September

    Conclusion💡


    • After merge unlike most thoughts, ETH price started to drop slowly and today 15 days after merge,it dropped like 20% since merge day
    • Users mostly sold their eth in DEXs or sent their eth to CEXs to sell them in September
    • Selling ETH rised after merge in both DEXs and CEXs
    • Binance was the most popular CEXs forminers to sell their ETH in
    • Most of miners sent their eth to DEXs to sell them instead of CEXs
    • 47.3% of miners eth volume sent to DEXs in September(37M)
    • Merge actually made miners to sell their eth and say goodbye to it

    ETH Price in September 2022

    Author: Sbhn_NP

    Discord : Sbhn_NP#8717

    Twitter : Sbhn_np

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    Thanks for your time!