Ethereum Miners are in the process of discarding gigantic proportions of ETH, somewhere to the tune of 17,000 ETH, just in the previous week itself, as per the information released by OKLink. This inadvertently has seen a record de-escalation of ETH, a much-touted obvious fact.
According to the Director of Cadena Lega, Harrison Dell, while speaking to The Defiant, mentioned and opined that the primary cause of this situation lies with the ex-miners who have huge amounts of ETH and, since they are not in the picture anymore, are engaged in this act of dumping huge loads. In his personal view, however, he makes an educated calculation of things falling into place after a short while and the scenario again normalizing.
There is yet another viable reason being floated by expert analysts. Involved Investors have eagerly taken to the selling off of assets, which include equities and crypto, which carry with them an item of threat factor, and also because of expectations of an imminent sharp interest rate increase.
To consolidate this version, strategists at Goldman Sachs also believe that interest rates will actually be increased four times more between the present year and 2024, with expected rates being 4.25% to 4.5%. The reason for this, according to them, is for properly handling and balancing inflation-related issues.