Here might be a key reason for Ethereum's price drop since Merge event ETH $ETH ETHW EthereumMerge EthereumPoS
The excitement around the Merge, which finalized the network's transition to proof of stake, boosted the price of Ethereum and that of related cryptocurrencies, including Ethereum Classic.
However, the savage crypto bear market has already erased the majority of these gains. The price of Ethereum itself is at $1,284, down roughly 13% from the day of the Merge. The massive dump of Ethereum addresses may now be considered a major contributing element to the decline.
It noted that the shape and scale of the September to October volatility smile indicated a comparatively decreased demand for ETH exposure through options after the Merge event, which showed that traders had set themselves up for the Merge to be a"buy the rumor, sell the news" kind of event. This was reflected in futures traders pricing ETH at a discount post-Merge and willing to pay a premium for downside protection.To continue mining after the Ethereum blockchain abandoned it and successfully made the long-awaited switch to proof of stake in the middle of September, miners created a rival fork dubbed EthereumPoW .
Alongside the drop in Ethereum price, ETHW is down 34.8% for the week at $7.30 and a staggering 87.5% from its all-time high of $58.54 on Sept. 3, according to
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