• Symbolic Capital Partners deposited 38,132 ETH worth $61.3 million into exchanges.
• Analysts expect greater dips on the horizon for crypto, with major selloffs afoot. 
• For the long term, analysts remain confidently bullish for BTC, ETH, and other altcoins.

Symbolic Capital Partners Deposited 38,132 ETH amounting to $61.3 million into crypto exchanges in the last 8 hours. This move seems to be a great example of the effect of FUD on crypto holders. As the prices of BTC and ETH continue to drop heavily, faith in a spectacular recovery as most seasoned analysts are hoping for seems to be dwindling, and a greater dip approaches for the crypto market. 

Symbolic Capital Partners Prepare to Sell Over 38,000 ETH

In under the last 24 hours, the crypto market experienced a tragic and brutal price drop. This drop took the price of the pioneer cryptocurrency Bitcoin (BTC) from $83,000 to $73,000 while the price of the pioneer altcoin Ethereum (ETH) fell from $1,790 to $1,460. Both assets are holding much lower lows and show signs of a greater dip in the days ahead before heading into a recovery state.

While many whales took the last dip as an opportunity to heavily accumulate BTC and ETH like financial institutions like BlackRock and MicroStrategy have been doing, this latest dip seems to have shaken a few holders and seem to be one such holder who is considering a massive ETH sell. As we can see from the post below, the entity has just moved over 38,000 ETH to crypto exchanges.

The last time an entity moved a huge amount of assets to exchanges, it was the German government selling its crypto and delaying the arrival of the next BTC ATH. Perhaps, the same pattern is now occurring for Ethereum (ETH). Perhaps this major sellout of ETH worth $61.3 million will finally trigger a reversal that will push ETH price to hit a new ATH in the ongoing bull cycle. 

ETH Still Bullish for the Long-Term 

So far, most analysts expected ETH to set a new ATH, a move that will trigger this bull cycle’s peak altseason phase. Many analysts believe altseason’s arrival this cycle was delayed due to ETH’s lack of setting a new ATH. While many analysts still expect ETH to lead altseason, the altcoin has yet to go a long way to set a new ATH, and this latest move by Symbolic Capital Partners could be delaying the inevitable. 

Despite the sluggish momentum for altcoins, most analysts remain bullish for the long term having spotted multiple bullish patterns across multiple capable altcoins including ETH. As we can see from the post above, this analyst believes altseason is well on its way to arriving and gains for altcoin holders look promising. He even highlights this current dip poses an excellent opportunity to buy altcoin and unlock generational wealth in the future. 

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