Analyst, Andrew Kang observed that institutions that were heavily hit in the LUNA crash have to reduce their positions in Ethereum to cover their loss.
According to him, cryptos would decorrelate on the downside of equities.
Ethereum, the second-largest crypto by market cap is currently trading at $1903, a 61 percent fall from its near $4,900 all-time high. As its current trading price is found to be heavily undervalued considering the projects implemented on its blockchain, an analyst has spotted a serious flow problem with Ethereum’s supply.
In his post, Andrew Kang, co-founder, and partner of VC heavyweight Mechanism Capital indicated two categories of people who are ready to buy or sell Ethereum right now. According to him, there is only one category of market participants ready to increase their Ethereum allocation as of the end of May. This, he believes, signifies a serious flow imbalance.
Ethereum buyers
He observed that those buying Ethereum are short-term scalpers a
