Recent reports indicate that crypto whales have offloaded a substantial amount of Ethereum, raising questions about current market trends.
Major Ethereum Sales by Whales
According to analyst Ali Martinez, crypto whales have sold 200,000 ETH worth roughly $376,122,553 over the past two weeks. A CryptoQuant chart shows a decrease in the balance of wallets holding 1,000 to 100,000 ETH, from 12.77 million to 12.57 million ETH.
Bloomberg's Take on Ethereum
Bloomberg's chief strategist Mike McGlone suggested that Ethereum's price could fall back to $1,000, reminiscent of its 2020 levels. He noted a clear link between Ethereum's price trajectory and other market risk assets. A significant drop in Ethereum might indicate weakness in S&P 500 stocks.
Bitcoin Price Forecast by McGlone
McGlone also expressed a bearish outlook on Bitcoin. He compares the current state of Bitcoin to the Nasdaq 100 during the dot-com bubble collapse. He warns of a potential Bitcoin drop to $10,000, as investors shift funds from BTC ETFs to gold ETFs, which could also affect the S&P 500.
The moves by major crypto asset holders and expert predictions indicate potential changes in the crypto market that investors should consider.
