On-chain data suggests that this signal, which has occurred near Ethereum highs in the past, has yet to emerge in the current cycle.

Ethereum Foundation portfolios have not generated gigantic outflows so far this cycle

In New post on X, market intelligence platform IntoTheBlock discussed the pattern Ethereum has witnessed with previous market highs.

The pattern in question is related to network flows for wallets associated with the Ethereum Foundation. The ETH Foundation is a non-profit organization supporting cryptocurrency and its ecosystem.

Below is a chart provided by an analytics firm that shows the trend of the net amount of ETH (in USD) flowing in and out of wallets connected to this organization.

As you can see in the chart above, net flows for the Ethereum Foundation have generally been negative during previous bull markets. Negative net flows naturally correlate with the net amount of ETH moving away from wallets connected to the company.

Interestingly, the indicator has seen particularly gigantic red spikes around the cryptocurrency’s highs. As IntoTheBlock explains,

Historically, during each bull market, the Foundation has strategically sold significant volumes, often almost perfectly matching those sales to market highs.

The chart shows that the value of the indicator has been more or less neutral over the last 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 may mean that the peak is not yet here for the cryptocurrency, or at least that is not what the organization thinks.

Another explanation, however, could be that the nonprofit’s strategy has changed to a recent cycle, meaning that a past trend will no longer carry the same weight.

In other news, the Ethereum Foundation’s official email was recently compromised, as revealed by Tim Beiko, one of the ETH developers at X post.

The developer noted that the organization attempted to contact SendPulse, the email automation service used by the company, to resolve the issue.

In the following part postBeiko confirmed that the team sent out an update to Ethereum Foundation blog subscribers, warning them that a previous email announcing the organization’s creation of a “staking platform” was the result of a compromise.

“We should have blocked all external access, but we are still confirming this,” the developer said in the post.

ETH price

Ethereum fell below $3,300 yesterday, but the asset has since risen above $3,400.