However, for those expecting the fully-priced in event to lead to even more price upside, you will likely be disappointed - as Bea writes, "the value of the Merge to Ethereum will be in attracting a deeper network over time. That will take patience – the Merge is not an immediate catalyst."

To explain the real significance of the Merge, below are the latest thoughts and market notes, from One River's head of research Marcel Kasumovich, who writes the following note, which we have republished below:

"5.8x10^22 – Don't Blink, You'll Miss the Merge."

1/ Escape velocity. A simple, tidy equation quantifying what is needed to escape gravity. It's far less tidy in the behavioral sciences that govern digital ecosystems. "Functional" escape velocity is a moving target, achieved when everything else can be done on top of a base layer without changing it materially. Becoming the dominant base layer is the target in the digital space-race. The Merge gets Ethereum closer to that target, hence the excitement around it.