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On-chain data indicates that this signal that has historically occurred around Ethereum peaks has not yet appeared in the current session.
Ethereum Foundation wallets have not achieved significant outflows this cycle so far
In new mail At X, market intelligence platform IntoTheBlock discussed a pattern that Ethereum has seen alongside previous market tops.
The pattern in question is related to netflows For linked wallets Ethereum Foundation. The ETH Foundation is a non-profit entity that supports cryptocurrency and its ecosystem.
Below is the chart shared by the analytics company that shows the trend in the net amount of ETH (in USD) moving in or out of wallets linked to this organization.
As can be seen in the chart above, Ethereum’s net flows have generally taken negative values over the past Bull markets. Negative net flows are naturally related to the net amount of ETH movement away from portfolios tied to the company.
Interestingly, the indicator saw particularly large red spikes around the cryptocurrency tops. As IntoTheBlock explains,
Historically, during every bull market, the institution has sold large amounts strategically, and these sales have often been almost perfectly aligned with the market tops.
The chart shows that the value of the index has been fairly neutral over the past few months, even though the price of the asset has risen significantly.
This indicates that the Ethereum Foundation did not make any significant sales during this bull market. Given the historical pattern, this may be a sign that the top has not yet arrived for cryptocurrencies, or at least the organization does not see it as such.
However, another explanation may be that the nonprofit entity has changed its strategy for this new cycle, meaning that the previous trend will not carry the same weight.
In some other news, the official Ethereum Foundation email was recently hacked, as revealed by Tim Pico, one of the Ethereum developers, in X mail.
The developer noted that the organization was trying to contact SendPulse, the email automation service the company uses, to resolve the issue.
In follow up mailBeiko confirmed that the team sent an update to subscribers to the Ethereum Foundation blog, warning them that the previous email, advertising a “staking platform” by the organization, resulted from the settlement.
“We should have closed all external access, but we still confirm that,” the developer said in the post.
Ethereum price
Ethereum price fell below the $3,300 level yesterday, but the asset has since recovered above $3,400.
