Ethereum
Former Ethereum Foundation Wallet Sells Millions of ETH Ahead of ETF Launch
Youri Molchan
Ethereum Foundation Sold a Large Amount of ETH Ahead of Spot ETF Launch
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Analytics account @spotonchain spread the word on a Old Ethereum Ethereum ICO-related Foundation Wallet is selling an impressive chunk of ETH ahead of Ethereum ETFs going live later today.
This entity did another ETH sale, but it was much smaller.
Ethereum Foundation ICO Wallet Wakes Up
The aforementioned data source reported that earlier today, a wallet owned by the Ethereum Foundation sold 100 ETH for 345,179 DAI stablecoins. This happened just a few hours before spot Ethereum ETFs are live.
Notably, @spotonchain also shared that before the above transaction was made, a wallet belonging to the same entity and linked to the Ethereum initial coin offering (ICO), 0xdb3, transferred 3,200 ETH to the Kraken exchange. This amount of ETH is valued at $11.2 million, the X analytics account said.
In total this year so far, the Ethereum Foundation has sold 5,566 ETH, including this recent sale of 3,200 ETH.
The last ETH sale conducted by the Ethereum Foundation took place three weeks ago, on July 2, according to the tweet.
Ethereum ETFs to Attract $4 Billion in Capital: Wintermute
Last week, the top US financial regulator, the Securities and Exchange Commission (SEC), finally gave the green light to spot Ethereum exchange-traded funds (ETFs), and today, July 23, 11 spot Ethereum-based ETFs are set to begin trading.
Among the platforms that confirmed the ETF launch today is the Chicago Board Options Exchange (CBOE), which will provide a trading venue for five Ethereum spot ETFs, those launched by Fidelity, Invesco Galaxy, Franklin Templeton, VanEck and 21Shares.
According to Chinese cryptocurrency journalist Colin Wu, cryptocurrency trading firm Wintermute shared a prediction that over the next year, Ethereum spot ETFs are expected to attract up to $4 billion in inflows for the asset. As for the price of Ethereum, the firm’s analysts expect it to increase by 24% over the coming year.
Ethereum is trading at $3,526 so far. ETH printed a large green candle on the hourly chart, rising 2.53% after falling 3.5% over the past 24 hours.
Bitcoiner Samson Mow tweeted today that Ethereum is trading “abysmally” despite the impending spot ETF launch, unlike Bitcoin when it was in the same position in January.
About the Author
Youri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in many areas in the future. He has written for many crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.