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$1 Billion Ethereum Transfer Shocks Crypto Community. What’s Going On?
Alex Dobnya
Ethereum Spot ETFs Set to Start Trading Today
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Thursday morning, Whale Alert It has sent shockwaves through the cryptocurrency market with a transfer of $1 billion in Ethereum sent from an unknown wallet to Coinbase Institutional.
According to Eric Balchunas, senior ETF analyst at Bloomberg, this is a move from Grayscale’s ETHE to its own mini-product. The latter will have ultra-competitive fees that will allow the cryptocurrency manager to compete with the likes of BlackRock and Fidelity.
This is a new variable that market participants had not seen in the rush to buy Bitcoin ETFs that began in January.
The SEC recently gave the final green light to Ethereum ETFs, and these long-awaited products can be traded starting today.
According to Coinbase, the approval of Ethereum ETFs marks “another major milestone” for the sector, helping to catalyze further growth.
Jay Jacobs, head of thematic and active ETFs at BlackRock in the U.S., praised Ethereum’s utility, touting it as a global platform for decentralized applications.
Ethereum (ETH) is currently trading in the red despite the upcoming ETF launch, according to CoinGecko.
A rare Ethereum transfer on Monday took placewith a dormant wallet that transferred 977 ETH for the first time in nine years.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets and can be reached at alex.dovbnya@u.today.