The Ethereum Foundation has moved $64.4 million worth of ETH to a new address. This has sparked concerns about a potential dump, as the Foundation has a history of selling ETH at the top of the market.
Past Sales and Market Impact
Since the beginning of 2024, the Foundation has sold over 1,700 ETH. These sales have often preceded price drops. Therefore, the current transfer could indicate a potential decline in ETH’s value.
Bullish Outlook Despite Concerns
Despite these concerns, Ethereum’s outlook remains bullish. Bloomberg analyst Eric Balchunas predicts that Spot Ethereum ETFs could begin trading by July 2. These funds are expected to boost ETH’s price.
Asymmetric Bet: ETH to $10,000
Crypto analyst Tyler Durden believes that ETH reaching $10,000 is the most asymmetric bet in crypto. He cites Ethereum’s chart against Bitcoin and suggests that ETH is poised for a significant move after trading sideways for eight months.
Solana to Ethereum Capital Rotation
Durden also predicts that money will flow from the Solana ecosystem to Ethereum. He believes that Solana has lost its main driver of liquidity and that celebrities have “cannibalized” the project.
