Ethereum prices continue to struggle, with sellers the dominant force in corporate investment.
ETHUSD – Daily Chart
The price of ETHUSD has slumped to $1,853 and is supported by the lows at $1,749. If weakness persists, then the $1,388 level could be important support.
Ethereum co-founder Vitalik Buterin’s planned ETH sales have not boosted the coin’s price in the current bear market. On January 30, Buterin said he would withdraw and sell 16,384 ETH to fund ecosystem work, open-source software and other long-term initiatives during a “mild austerity” phase.
Since early February, Arkham Intelligence has flagged around 9,000 ETH being sold in batches, with the pace picking up again this week after a 3,500 ETH withdrawal.
Vitalik Buterin “is selling ETH faster again,” Lookonchain, an on-chain resource, said on Monday. Corporate Bitcoin treasury companies are also seeing their holdings with a rare three-week bearish streak. That was the longest streak in the short history of BTC treasury companies.
Continued corporate selling could push Bitcoin’s price toward a new ”bear market low,” according to Nic Puckrin, market analyst at Coin Bureau.
“As contagion increases, we could see further corporate selling in the weeks to come, pushing the price of Bitcoin toward its bear market low,” Puckrin said.
The top 20 largest corporate Bitcoin holders have not reported recent sales, but some smaller companies have been reducing their BTC holdings, including Cango Inc. The China-based, publicly traded company is the 27th-largest holder and has reduced its BTC holdings by more than 54% over the past two weeks.
Crypto investment products recorded $288 million in outflows last week, extending their losing streak to five consecutive weeks, the longest losing streak since the launch of U.S. spot Bitcoin exchange-traded funds in January 2024.
