Try Quests to earn cryptoAs we know, on September 15, 2022, the big Ethereum marge event happened and the Ethereum network mechanism changed from POW to POS. This completed Ethereum's transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
Now, considering this incident, I want to check whether Merge has caused miners to create selling pressure or not. My criterion for detecting sales is to see how much ETH has been swapped to other tokens by which wallets and how much of this sale belongs to miners and how much belongs to other wallets. By comparing these two, it can be seen whether miners have made an impact on the sale of ETH or not.
Since the start of the ETH Merge happened from block 15537351, I also checked the data before and after this block.
In general, since the beginning, there have been nearly 8.37K miners in Ethereum, of which only 50 miners have sold their ETH after the Merge. At the very beginning, we notice that miners did not have an effect on the sale of ETH. But to ensure the results, we do a more detailed check. In total, since September 15th, 6,430 ETH worth approximately 9.83M USD have been sold by miners in 134 transactions. But if we look at the total sales after the Merge, we see that since September 15th, approximately 18.1M ETH worth 24.8B USD has been sold by 171K unique users in approximately 0.969M transactions. As it is known, the figures related to miners are very far from the total sales figures after Merge, which shows that miners did not have an impact on the sales process of ETH.
But there is one point in the daily charts on September 15th, and that is that on this day 735.5K ETH was sold, approximately 4.48K of which was related to miners. But on other days, miners' share of sales is very, very small compared to the total sales. This shows that the miners who wanted to sell ETH have sold since the first day of Merge.
This table shows which wallets miners have transferred their ETH to. More ETH volume which is nearly 11.718K ETH equivalent to 15.45M USD has been transferred to wallet 0xa5f77b70a56cc0e615306f5f0d6045b37042e6a4.
In this chart, the miners who sold the most after Merge are displayed. As we can see, the wallet 0xee2826453a4fd5afeb7ceffeef3ffa2320081268 has the largest sales volume with the sale of approximately 4.867 ETH worth approximately 7.713 USD. The amount of ETH sold by this wallet is approximately 54.3% of the total ETH sold by miners. 21% of the sale worth 1889.7ETH equivalent to 2.76M USD was also made by the wallet 0x61c808d82a3ac53231750dadc13c777b59310bd9, which ranks second in ETH sales among miners.
The ethereum.core.ez_dex_swaps table is used to check ETH sales, and the ethereum.core.fact_blocks table is used to identify miners. Also, the data has been displayed since the beginning of September and divided into two groups before and after Merge. I have also shown the ETH price chart for a better conclusion.
As we can see from the ETH price chart, with the start of Merge, the price of ETH has decreased and the price trend is still downward. But the first downward jump happened on September 16, exactly the first day after the Merge. On the same day, September 16, the highest volume of sales in September happened. From approximately 735.5K ETH on September 15th, ETH sales suddenly jumped to 5.6ETH on September 16th. Although the number of sellers and also the number of sales transactions have increased, there was no sudden jump.