ETH is down nearly 4% as ETH ETF investors and whales continue to sell off their holdings, leading to accusations against Ethereum co-founder Vitalik Buterin for not having faith in ETH as a store of value. This selling pressure has resulted in eight consecutive days of net outflows for ETH ETFs and heavy liquidations in the traditional crypto market. Despite the accusations, Buterin maintains that he holds 90% of his net worth in ETH. The current price decline could potentially see ETH testing a lower ascending trendline before a potential rally.
Ethereum ETF Investors and Whales Fuel Sell-Off, Accusing Vitalik Buterin of Lacking Faith
Ethereum (ETH), the second largest cryptocurrency by market cap, has experienced a significant sell-off in recent days, sparking accusations against Ethereum co-founder Vitalik Buterin.
Background
Ethereum is a decentralized blockchain platform that hosts a wide variety of applications, including the popular cryptocurrency Ether (ETH). In recent months, several Ethereum-based exchange-traded funds (ETFs) have launched, allowing investors to gain exposure to ETH without directly purchasing the cryptocurrency.
Current Trend
On November 14, 2022, ETH dropped nearly 4% as large investors known as "whales" and ETH ETF investors sold off their holdings. This selling pressure has caused eight consecutive days of net outflows for ETH ETFs and heavy liquidations in the crypto market.
Accusations Against Vitalik Buterin
Some investors have accused Vitalik Buterin, the co-founder of Ethereum, of not having faith in ETH as a store of value. These accusations stem from Buterin's recent statement that he only holds a small portion of his net worth in ETH.
Buterin's Response
Buterin has responded to these accusations, stating that he holds 90% of his net worth in ETH. He explained that his decision to diversify his portfolio was not an indication of a lack of faith in ETH, but rather a prudent financial strategy.
Potential Price Action
Analysts believe that the current price decline in ETH could lead to a test of a lower ascending trendline before a potential rally. However, the severity and duration of the sell-off will depend on the continued selling pressure from whales and ETH ETF investors.
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