Long-term Ethereum <\/strong>ETH\/USD<\/span> holders, or “HODLers,”\u00a0appear to be accumulating more ETH ahead of the widely anticipated \u2018Merge\u2019 event set to take place this June.<\/p>\n What Happened: <\/strong>According to data from IntoTheBlock, HODLers grew their position by 4 million ETH worth around $12 billion at current prices.<\/p>\n \u00a0<\/strong><\/p>\n \u201cAddresses holding Ether for over a year grew their positions by over 4 million ETH within weeks as prices plummeted in late January,\u201d wrote IntoTheBlock\u2019s Head of Research Lucas Outumuro<\/strong>.<\/p>\n \u201cThis has led to their holdings reaching yearly highs, although it has been dropping in the last few days.\u201d<\/p>\n Outumuro also noted that interest surrounding Ethereum\u2019s Merge \u2014 the moment when the network\u2019s mainnet officially transitions to a Proof-of-Stake blockchain \u2014 has been growing in recent weeks.<\/p>\n Users appear to be optimistic about how the network upgrade will lead to ETH\u2019s supply decreasing, as well as the reduction in the blockchain\u2019s environmental impact.<\/p>\n See Also: Coinbase Expects Ethereum Staking Yields To Hit 12% APR After The Merge<\/a><\/em><\/p>\n Price Action: <\/strong>According to data from Benzinga Pro<\/a>, ETH was trading at $3,323, up 5.5% in the last 24 hours.<\/p>\n<\/div>\n![\"\"](\"https:\/\/www.benzinga.com\/files\/u291444\/screenshot_2022-03-28_at_12.43.51_pm.png\")
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