As a seasoned analyst with a deep understanding of the crypto market and Ethereum in particular, I find the recent move by the Ethereum Foundation to sell 100 ETH just before the listing of spot Ethereum ETFs intriguing. This development comes at a pivotal moment for Ethereum, with the U.S. Securities and Exchange Commission (SEC) issuing effectiveness notices for all spot Ethereum ETF applications.
The Ethereum Foundation recently disposed of 100 Ether tokens in a transaction that took place on Tuesday, sparking curiosity within the cryptocurrency community. This sale occurred right before the highly anticipated listing and trading of the Ethereum-based Spot Ethereum ETF today. Initially, traders showed restrained reactions to this unexpected move by the foundation.
Ethereum Foundation Wallets Offloading ETH
As a seasoned cryptocurrency trader with years of experience under my belt, I can tell you that this week is shaping up to be a significant one for Ethereum and ETH. The long-awaited spot Ether Exchange Traded Funds (ETFs) are finally set to go live today, an event that has been hotly anticipated by many in the crypto community.
On July 23, a noteworthy event occurred when the Ethereum Foundation sold 100 Ether for an equivalent of 345,179 DAI. This transaction gained attention as it took place right before the commencement of spot Ethereum ETFs trading. Market participants are closely monitoring this move by institutions and keeping an eye out for additional signals as Ethereum keeps getting transferred to crypto exchanges or other wallets.
According to Spot On Chain’s on-chain data, the Ethereum Foundation has disposed of 2,366 Ether tokens in exchange for approximately 6.9 million DAI stablecoins so far this year. The Ethereum Foundation last sold Ether on July 2. This transaction caused unease among investors when they observed sales from wallets linked to the foundation. However, overall market sentiment towards Ethereum remains optimistic.
Furthermore, the Ethereum Foundation or Ether ICO’s associated wallet address “0xdb3” shifted 3,200 ETH, equivalent to around $11.2 million, to Kraken. Simultaneously, Grayscale transferred approximately $1 billion in Ethereum to Coinbase in preparation for the spot Ethereum ETF’s debut.
US SEC Issues Effectiveness Notice For Ether ETFs
As a researcher studying the world of financial markets, I’m excited to share that the U.S. Securities and Exchange Commission (SEC) has recently published the S-1 application effectiveness notices for all proposed spot Ethereum exchange-traded funds (ETFs). This means that the issuers, such as BlackRock’s iShares, Fidelity, Franklin Templeton, Bitwise, VanEck, 21Shares, Invesco Galaxy, and Grayscale, are now authorized to begin trading their Ethereum ETFs in the public markets.
According to Yahoo Finance, there’s been significant trading volume for the Grayscale Ethereum Trust (ETHE) and BlackRock Ethereum Trust (ETHA) before the market officially opens.
In the previous 24 hours, the ETH price experienced a growth of 0.5%, reaching a current value of $3,505. The lowest and highest prices during this period were recorded at $3,425.8 and $3,539.53 respectively. Notably, there has been a significant surge in trading volume by approximately 40% over the last day, signaling heightened activity among traders.
In the past 24 hours, there has been an uptick of 4% in Ethereum futures contracts being bought, resulting in a total open interest of $15.33 billion, according to CoinGlass.
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2024-07-23 15:12