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This historical Ethereum signal has yet to appear this cycle — TradingView News
On-chain data suggests that this signal, which has historically occurred around Ethereum peaks, has not yet appeared in the current cycle.
Ethereum Foundation wallets have not experienced large outflows so far this cycle
In a new post on X, market intelligence platform IntoTheBlock discussed a pattern that Ethereum has witnessed alongside its previous market peaks.
The model in question is tied to net flows for wallets associated with the Ethereum Foundation. The ETH Foundation is a non-profit entity that supports cryptocurrency and its ecosystem.
Below is the graph shared by the analytics company showing the trend of the net amount of ETH (in USD) entering or exiting the wallets linked to this organization.
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As seen in the chart above, net flows for the Ethereum Foundation have generally taken negative values during recent bull markets. Negative net flows are naturally related to a net amount of movement of ETH away from company-linked wallets.
Interestingly, the indicator saw particularly large red spikes around the cryptocurrency’s tops. As IntoTheBlock explains,
Historically, during every bull market, the Foundation has strategically sold significant amounts, often aligning these sales almost perfectly with market peaks.
The chart shows that the value of the indicator has been more or less neutral over the past few months, even though the price of the asset has increased significantly.
This suggests that the Ethereum Foundation has not made any major sales during this bull market. Given the historical pattern, this could be a sign that the top has not yet arrived for the cryptocurrency, or at least the organization does not deem it so.
Another explanation, however, could be that the non-profit organization has changed its strategy for this new cycle, so the past trend would no longer have the same weight.
In other news, the official email of the Ethereum Foundation was recently compromised, as Tim Beiko, one of the developers of ETH, revealed in an X post.
The developer had noticed that the organization was trying to contact SendPulse, an email automation service used by the company, to resolve the issue.
In a subsequent post, Beiko confirmed that the team sent an update to subscribers of the Ethereum Foundation blog, warning them that the previous email, announcing a “staking platform” from the organization, was the result of the compromise.
“We were supposed to block all external access, but we are still confirming,” the developer said in the post.
ETH Price
Yesterday Ethereum collapsed below the $3,300 level, but the asset has since recovered above $3,400.