Crypto Dan
Whale's Intentional Movement Before and After ETH Merge
Just before the ETH merge, the funding rates reached an all-time low. We can see that most people bet on the short because they thought the good news of ETH had already been reflected to the market. However, at the time of the completion of the ETH merge, the price rather slightly increased, and those who expected drop ended their short positions since the decline didn't come. As a result, the funding rates has risen sharply. Interestingly, after people exited their short position, the whale led to decline ETH. We can see whales always try to have big profit as much as possible. To read those moves, we need to utilize both on-chain data and charts.