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The Ethereum long-awaited London Hard Fork is now going to launch on August 4th. The primary purpose of the hard fork is to upgrade EIP-1559 to solve the Ethereum fee problem. In addition to solving the high fee solution, it will also launch Ethereum second layer solution called the "Optimistic Rollup". The transaction processing speed per second is expected to achieve more than 2,000 TPS with this new solution. In particular, if there is a solution to the high fee problem, we can expect the more significant application of the Ethereum blockchain network. This move will further allow the application of the long-awaited NFT-combined-metaverse and Ethereum's smart contract inside the DeFI ecosystem, causing the rise in Ethereum price last week (from July 1st to 7th) which had significantly outrun Bitcoin.
Bitcoin is up 4.6% from its last week lows as of 10 am on July 7th, while Ethereum price rise 15.6%
Due to the bad news related to the new cryptocurrency regulation in China recently, Bitcoin and Ethereum have also been affected badly. Nevertheless, there are opinions that the overall market is expected to turn into a bull market as new funds from institutional investors flow into cryptocurrency ETF exchange-traded funds.
The total inflow amounted to approximately $63 million, of which $39 million flowed into Bitcoin-related products, and $18 million went into Ethereum. Ethereum's performance has already surpassed that of Bitcoin considering the market cap.
Furthermore, the behavior of the whales is also changing very rapidly. The graph below indicates how many Bitcoins were moved into wallets (whale's wallet), which hold 1k to 10k (approximately $35 - $350 millions) in Bitcoins. The grey line below indicates the Bitcoin price, while the orange line shows the number of Bitcoins.
According to the graph, a considerable amount of Bitcoin was withdrawn from the wallet in early May and had caused the Bitcoin price to plummeted shortly after. On the other hand, as of July 2nd, about 80,000 Bitcoins were transferred into the whales' wallets. Although, it will be impossible to conclude that the index below shows a total reflection on the Bitcoin price, it is crucial and wise for investors to use and carefully analyze the movement before deciding on a move especially during the Ethereum hard fork period and whales movement.
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