ETH Merge: Selling Event?
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
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
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
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