Billion-dollar Ethereum transfer shocks crypto community. What’s going on?

Alex Dovbnia

Spot Ethereum ETFs set to begin trading today

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Earlier this Thursday, Whale Alert sent shockwaves through the cryptocurrency market with a billion dollar Ethereum transfer sent from an unknown wallet to Coinbase Institutional.

According to Eric Balchunas, senior ETF analyst at Bloomberg, this is a transfer of Grayscale’s ETHE to its mini-product. The latter will have ultra-competitive fees that will allow the crypto asset manager to compete with players like BlackRock and Fidelity.

This is a new variable that market participants did not have in the Bitcoin ETF race that began in January.

The SEC recently gave its final green light to Ethereum ETFs, and these highly anticipated products can begin trading today.

According to Coinbase, the approval of Ethereum ETFs marks “another significant milestone” for the industry, helping to catalyze further growth.

Jay Jacobs, U.S. head of thematic and active ETFs at BlackRock, praised Ethereum’s utility, touting it as a global platform for decentralized applications.

Ethereum (ETH) is currently trading in the red despite the upcoming launch of an ETF, according to CoinGecko.

Monday, a rare Ethereum transfer took placewith a dormant wallet transferring 977 ETH for the first time in nine years.

About the Author

Alex Dovbnia

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has written over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.

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