How ETH will benefit from Ethereum’s Dencun upgrade 

February 8, 2024

By Dipayan Mitra

Edited By: Saman Waris

• Whales increased their Ethereum holdings last week. 

• ETH’s daily chart was green, and indicators looked bullish. 

Ethereum [ETH] investors were showing immense confidence in the token at press time, as they kept stockpiling.

This accumulation happened only days before Ethereum’s upcoming major Dencun upgrade, which is scheduled for the 8th of February. Will the Dencun upgrade help trigger a fresh bull rally for ETH?

Is Ethereum’s buying pressure high?

Ethereum tokens worth $500 million were withdrawn from exchanges in the last seven days alone. In fact, the number is as high as $1.2 billion, if withdrawals from the last 30 days are to be considered.

This clearly suggested that investors were stockpiling ETH. But to confirm this notion, AMBCrypto checked Santiment’s data, which revealed that ETH’s exchange outflow spiked multiple times in the last week.

At press time, there were over 10.7 million ETH on exchanges, while there were more than 122.3 million ETH outside of exchanges.

Source: Santiment

Whales were also actively trading Ethereum. This was evident from the high number of whale transaction counts last week.

The high whale transaction counts could be in part due to the bigger players who were buying ETH, as suggested by the rise in the supply held by the top addresses over the last few days.

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