Crypto expert Ali Martinez claimed. "Bitcoin has room to run and Ethereum will fall now"

Renowned cryptocurrency expert Ali Martinez has predicted a drop in the price of Ethereum, citing the large amount of ETH that began to be deposited on exchanges earlier this month. Martinez tweeted on his X account on Wednesday that about 420,000 ETH have been deposited on exchanges in the past three weeks, which would be worth about $11.47 billion in today's dollars. Ethereum hit a record high of $4097 in December this year, approaching a record high set in November 2021, following the success of the Denkun upgrade and the possible approval of a spot exchange-traded fund (ETF) in May, which had been floating in and out of the market. On November 12, 2021, ETH reached $4274.

While ETH was soaring, Martenis raised the possibility of a sharp drop in ETH based on the amount of ETH that had begun to accumulate on exchanges. This is because cryptocurrency deposited on exchanges is generally considered a potentially shortable supply. Ethereum plunged about 7% last week on news that the U.S. Securities and Exchange Commission (SEC) had opened an investigation into the Ethereum Foundation to examine the securitization of ETH.

Meanwhile, he also gave his views on bitcoin. "If the BTC price breaks above $66,990, it is likely to rise to $72,880," he said, citing the URPD indicator, which is the distribution of realized prices of UTXOs (transactions not yet spent) at a given price point. Currently, BTC is trading up 3.39% at $66,713.89 on CoinMarketCap.