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Ethereum miners sold over 14,785 ETH, totaling $19.73 million at today’s price, from September 9 to the day of the merger, according to data from OKLink.

OKLink pulls mining data from a dozen different mining pools, including F2Pool, Binance, and BTC.com

On September 12, miners reduced their holdings by 2,767 ETH, followed by another 4,121 ETH the following day. The biggest selloff took place on September 14, the day before the Ethereum merger.

The miners then unloaded nearly 8,032 Ethereum, contributing to the asset’s plunge from $1,636 to $1,471 in less than 24 hours.

The chart shows the drop in the miner’s ETH balance during the meltdown. Source: OKLink.

Ethereum exchange entries also peaked before the merger. On Sept. 14, FX inflows peaked at 2.4 million ETH, according to data from InTheBlock.

High exchange entries are generally considered a bearish event as traders move funds from cold wallets to sell them in the open market. Conversely, high exchange rate exits indicate that users transfer funds from these platforms to their cold wallets for long-term holding.

“Miners’ ETH reserves have declined significantly, up to -22% over the past seven days,” said IntoTheBlock researcher Juan Pellicer. Decrypt. “It is not known whether these releases were all sent to exchanges to be sold.”

Since the September 15 merger, Ethereum (ETH) has lost more than 16% of its value.

As of this writing, ETH is changing hands at around $1,368 each, according to data from CoinGecko.

What was the Ethereum merger?

Following the merger event, the Ethereum network transitioned from an energy-intensive Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) mechanism.

This change also ended all mining activity on the platform, as so-called validators now secure the network rather than miners.

These validators stake 32 Ethereum to validate transactions on the network. For performing this service, they can earn a net return; if they behave dishonestly, allowing fraudulent transactions to occur, their staked Ethereum may be fined.

Mining companies with heaps of machines therefore found themselves looking for new networks once Ethereum implemented this change.

It also appears that many of them left a large chunk of their ETH holdings when they exited.

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