The world’s second-largest cryptocurrency Ethereum (ETH) has been under selling pressure as the approval of spot Ether ETFs turns out to be a sell-the-news event. Interestingly, the Ethereum foundation wallets have been moving a large number of ETH this week.
Ethereum Foundation Wallet Moves 92,500 ETH
As per data from Lookonchain, an Ethereum Foundation wallet has transferred 92,500 ETH worth a staggering $294.9 million to another new wallet for the first time in nearly 6.6 years. On-chain tracking shows that the wallet received ETH tokens for the first time from the Ethereum Foundation on September 1, 2015. this move has drawn strong attention from the community showing the strong strategic management of the Ethereum foundation.
An #EthereumFoundation-related wallet transferred 92,500 $ETH($294.9M) to a new wallet 9 hours ago after being dormant for 6.6 years.
Through on-chain tracking, it was found that these $ETH were received from the #EthereumFoundation on Sept 1, 2015.https://t.co/FKGsNCrBAT pic.twitter.com/vPOAMq4ccK
— Lookonchain (@lookonchain) July 26, 2024
As said this is the second major move by the Foundation wallet within a week’s time. However, this current move hasn’t had much impact on the Ethereum price which has partially recovered to $3,250 after the dramatic drop on Thursday. However, ETH needs to cross the $3,500 for bulls to take over the rally and move it to $4,000 and beyond to new all-time highs.
Spot Ether ETF Outflows Continue
On the third day after launch, the spot Ethereum ETF has continued to see major outflows led by the Grayscale Ether ETF (ETHE) which saw over $346 million in outflows on Thursday. As a result, the total AUM of ETHE has dropped to $7.5 billion eroding more than $1.5 billion in just three days of launch.
On the other hand, the Black Ether ETF (ETHA) saw daily inflows of $72.9 million while Fidelity’s FETH saw inflows of $34.3 million. Interestingly, in a milestone development, the Bitwise Ether ETF (ETHW) saw its banner rise on the New York Stock Exchange (NYSE) on Thursday. The ETHW inflows yesterday stood at $17 million.
Bitwise Ethereum ETF banner going up outside the iconic facade at the New York Stock Exchange this evening.
For the fund’s prospectus & risk disclosures, visit: https://t.co/coYFoKerma pic.twitter.com/KKjkmW8hKA
— Teddy Fusaro (@teddyfuse) July 25, 2024
Also Read: Hashdex Files S-1 For Combined Spot Bitcoin and Ethereum ETF
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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