Ethereum HODLers Added $12B ETH On Dip Within Weeks — With 'Merge' Event In Sight

Long-term Ethereum ETH/USD holders, or "HODLers," appear to be accumulating more ETH ahead of the widely anticipated ‘Merge’ event set to take place this June.

What Happened: According to data from IntoTheBlock, HODLers grew their position by 4 million ETH worth around $12 billion at current prices.

“Addresses holding Ether for over a year grew their positions by over 4 million ETH within weeks as prices plummeted in late January,” wrote IntoTheBlock’s Head of Research Lucas Outumuro.

“This has led to their holdings reaching yearly highs, although it has been dropping in the last few days.”

Outumuro also noted that interest surrounding Ethereum’s Merge — the moment when the network’s mainnet officially transitions to a Proof-of-Stake blockchain — has been growing in recent weeks.

Users appear to be optimistic about how the network upgrade will lead to ETH’s supply decreasing, as well as the reduction in the blockchain’s environmental impact.

See Also: Coinbase Expects Ethereum Staking Yields To Hit 12% APR After The Merge

Price Action: According to data from Benzinga Pro, ETH was trading at $3,323, up 5.5% in the last 24 hours.