Whales Seem Bearish on Ethereum (ETH) Price Post-Merge!

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Despite the rising excitement regarding the Ethereum Merge on September 15, top whales have reduced their holdings.

As per on-chain platform santiment, Ethereum (ETH) supply held by the top non-exchange whales has decreased, while the supply held by exchange whales increased in August.

Since May 10th, these top non-exchange $ETH addresses hold 11% lesser coins, & top exchange addresses hold 78% more.

The deflationary nature of Ethereum post-Merge may be the reason behind the selling.