Leading cryptocurrency Bitcoin (BTC) and Ethereum (ETH) are leading the decline in the cryptocurrency market. The sharp declines in the price of Ethereum and Bitcoin painted the whole market red. Although many analysts made many warnings, one indicator still gave 100% correct information.
Twitter user Edward Morra discovered something remarkable about the sales made by the Ethereum Foundation. Accordingly, EV definitely knows when to sell what it has.
The Ethereum Foundation, the foundation behind Ethereum, again sold from the top. When the Ethereum Foundation team made a sale in the last month of 2017, everyone criticized the team. The decline that started in the following months revealed that the Ethereum Foundation sold ETH at the highest price to be seen, including in the coming years. A bear market followed, which lasted for more than three years. The Ethereum Foundation now appears to have accomplished exactly the same thing.
The previous warning and the current chart shared by popular cryptocurrency analyst Edward Morra show this to be true.
"Friendly reminder that ETH foundation cashed out at the top (again). ETH down 40+% since then"
On November 11, the Ethereum Foundation sent 20,000 ETH to the Kraken cryptocurrency exchange and sold it there. The Ethereum Foundation sold on May 17 before and officially foreshadowed the fall brought by China.
The Ethereum price has dropped over 40% since the last sale by the foundation and continues to drop. The wallet of the Ethereum Foundation, on the other hand, seems to attract a lot of attention in the following days.
The value of the cryptocurrency market has shrunk by hundreds of millions of dollars
As the value of the cryptocurrency market continues to shrink, Peter Anderson, CEO of Andersen Capital Management, thinks that “Bitcoin and cryptocurrencies have entered a major correction trend.”
InTheMoneyStocks chief cryptocurrency analyst Gareth Solavay, similar to Anderson, said that Bitcoin's recent volatility will hurt a lot. He claims that this could bring the BTC price down to the $20,000 level. However, he also believes that the Bitcoin price will rise to higher figures in the long-term expectation.
Jim Gramer, a former hedge fund manager and Mad Money host, thinks that money from the cryptocurrency market is shifting to stocks that are considered less risky.