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U.Today has discovered a significant movement in the Ethereum market, as whales have released approximately 200,000 ETH coins onto the market. This sudden dump of Ether has sent shockwaves throughout the crypto community, leaving investors and traders alike wondering what is happening behind the scenes.
Mike McGlone, a prominent Bloomberg strategist, recently shared his bearish outlook on the cryptocurrency market, citing similarities between the current situation and the dot-com bubble collapse in 2000. According to McGlone’s analysis, Bitcoin (BTC) could potentially drop back down to $10,000, with the S&P 500 index also following suit.
The sudden release of such a large amount of ETH has sparked concerns about a potential bear market, as investors are pulling their funds out of Bitcoin ETFs and putting them into gold ETFs instead.
Source: https://u.today/200000-eth-on-move-whats-happening
