You might have heard about Ethereum's big change from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This change was meant to reduce the energy use of mining Ether, the cryptocurrency. Researchers looked into how investors reacted to this change. They studied how Ethereum (ETH), Ethereum Classic (ETC), and Bitcoin were affected in terms of returns, volatility, and trading volume before and after the change, which was called "the merge. "

What did they find? Well, some investors did seem to care about the lower energy use and invested more in ETH. But overall, the effect was small. This suggests that even though many people talk about the high energy use of Bitcoin and PoW, most investors aren't putting their money where their mouth is when it comes to Ethereum. It's like they're saying one thing but doing another.

This isn't to say that energy use isn't important to crypto investors at all. It's just that it might not be the biggest factor driving their investment decisions. There could be many other reasons why people invest in cryptocurrencies, and energy use might be just one small piece of the puzzle.

It's also interesting to think about why this could be the case. Maybe investors are more focused on the potential profits or the technology behind the cryptocurrencies. Or maybe they think that the benefits of lower energy use won't really affect the value of the cryptocurrencies in the long run.

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