In recent weeks, crypto analysts have literally exceeded their bullish predictions for the Ethereum price. The disillusionment is all the more susceptible: after a weak weekend, ETH is correcting to 4,400 US dollars, a 5% loss compared to the previous week.
Ethereum whales, among others, are responsible for this, having sold approximately 430,000 ETH worth $1.8 billion in the past two weeks.
This selling pressure is significantly reducing the holdings of large investors.
But there are also opposing developments. On Saturday, a Bitcoin wallet exchanged around 2,000 BTC for the equivalent of 216 million US dollars to Ethereum. Last Monday, another Bitcoin early investor liquidated 24,000 BTC in favour of Ether.
The high net inflows of Ethereum Spot ETFs also show a continued interest from TradFi investors. The ETH index fund of BlackRock, Fidelity in Co., again raised 1.08 billion US dollars in the past trading week.
Now the “Spot Volume Bubble Map” by CryptoQuant suggests that the market activity of Ethereum enters a “heat phase”. Meaning, a high level of interest could promote liquidity, but at the same time, there are growing volatility risks.
For some crypto experts, such as Consensys CEO Joseph Lubin, the end of the flagpole is far from being reached. In an X-Post, he says: “ETH will make another 100x, probably even more.”
Lubin recognizes a main reason for this optimistic assessment on Wall Street. Large players from the US financial industry, like JPMorgan, would not come around to switch to Ethereum infrastructure in the long term.
The strong ETH performance since the end of June has also rekindled the discussion about a “swing”. You can find out in this article in this article: “How Ethereum could outstrip Bitcoin in the long term “.