Ethereum Foundation Moves 92,500 ETH, Ether ETF Outflows Surge

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As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored Ethereum’s (ETH) recent price movements and news events. The approval of spot Ether ETFs has led to a sell-the-news effect on the second-largest cryptocurrency, causing selling pressure. However, an intriguing development that caught my attention is the Ethereum Foundation wallet moving 92,500 ETH for the first time in nearly 6.6 years.

Ethereum (ETH), the world’s second-largest cryptocurrency, has experienced selling pressure lately due to the market reaction following the potential approval of spot Ether Exchange-Traded Funds (ETFs). Surprisingly, significant amounts of Ether have been transferred from Ethereum Foundation wallets this week.

Ethereum Foundation Wallet Moves 92,500 ETH

According to Lookonchain’s data, an Ethereum Foundation wallet, which previously held 92,500 ETH or approximately $294.9 million, made its first transaction in over 6.6 years by transferring these tokens to a new wallet. This transfer was first recorded on the blockchain on September 1, 2015, when the Ethereum Foundation initially sent ETH to this address. This significant move has generated considerable interest within the Ethereum community, highlighting the foundation’s skillful stewardship of its assets.

As a researcher studying Ethereum blockchain transactions, I came across an intriguing discovery: six days ago, a wallet connected to the Ethereum Foundation transferred a significant amount of Ether. Specifically, 92,500 ETH, equivalent to approximately $294.9 million at current prices, moved from an account that had been inactive for over six years.
Using on-chain analysis, it was discovered that these Ether tokens were transferred from the Ethereum Foundation on September 1, 2015.
— Lookonchain (@lookonchain) July 26, 2024

Within the past week, the Foundation wallet has made its second significant move. Yet, this latest action hasn’t noticeably influenced Ethereum’s price, which has bounced back to around $3,250 after Thursday’s steep decline. For Ethereum bulls to regain control and push the price towards $4,000 and beyond, ETH must first surpass the $3,500 mark.

Spot Ether ETF Outflows Continue

As a seasoned financial analyst with over a decade of experience in the crypto market, I’ve witnessed numerous launches of exchange-traded funds (ETFs) based on various cryptocurrencies. The recent launch of the Ethereum ETF has been particularly intriguing, but not without its share of volatility.

In contrast, the Black Ether ETF (ETHA) reportedly attracted investments amounting to $72.9 million daily, whereas Fidelity’s FETH saw inflows of $34.3 million. Notably, the Bitwise Ether ETF (ETHW) made headlines with its debut on the New York Stock Exchange (NYSE) last Thursday, recording inflows totaling $17 million for that day.

As a seasoned financial analyst with over two decades of experience in the industry, I can’t help but feel a sense of exhilaration as I witness the installation of the “Bitwise Ethereum ETF” banner outside the hallowed halls of the New York Stock Exchange. The historic significance of this moment is not lost on me. Having lived through the early days of the cryptocurrency boom and bust, I’ve seen firsthand the transformative power of blockchain technology and the potential it holds for the future of finance.

For the fund’s prospectus & risk disclosures, visit:

— Teddy Fusaro (@teddyfuse) July 25, 2024

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2024-07-26 07:22