Ethereum
Ethereum Foundation Transfers $64.4 Million in ETH, Is This a Dump?
THE Ethereum Foundation is in the news again following its recent transaction involving millions of Ethereum Tokens (ETH). The nonprofit’s Ethereum transactions are still significant, considering the impact they typically have on the second-largest crypto token.
Ethereum Foundation transfers $64.4 million in ETH
Crypto journalist Colin Wu revealed in an X (formerly Twitter) job that a wallet (0x8e…D052) linked to the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a new address (0x87…D812). On-chain data shows that the new address has not yet transferred these funds and the ETH holdings have not yet been unloaded into the market.
Transactions involving the Ethereum Foundations are always a concern as the non-profit organization has a reputation for sell at the top. As such, the transaction of these funds is one to watch, given that the potential sale of these tokens could mean that the Ethereum Foundation is once again looking to catch ETH at the top.
It is worth mentioning that the Ethereum Foundation has already sold over 1,700 ETH since the beginning of 2024 with on-chain analytics platform SpotOnChain, noting that these transactions always took place before a price drop. Therefore, a potential price drop if these 18,089 ETH are ultimately sold is a huge possibility.
Despite this development, the outlook for Ethereum is very optimistic, especially with Bloomberg analyst Eric Balchunas. declaring that Spot Ethereum ETFs could begin trading by July 2. These funds are expected to spark a significant rally for the second-largest crypto by market cap, with crypto experts like Ash Cryptocurrency predicting that Ethereum could reach $10,000 thanks to these Spot Ethereum ETFs.
ETH at $10,000 is the “most asymmetric bet”
Crypto analyst and trader Tyler Durden mentioned that the most asymmetric bet in crypto today is ETH reaching $10,000. He also emphasized Chart of Ethereum vs. Bitcoin and suggested that ETH was ready for this big move, given that it has been trading sideways for eight months.
The analyst also suggested that the Spot ETF Ethereum will play a major role in Ethereum’s rise to this price level. He said Wall Street had put a lot of effort into getting the Spot ETF Ethereum approved and that they would ensure they make money from ETH while increasing its price.
Meanwhile, Durden boldly asserted this money would leave the Solana ecosystem and be transferred to Ethereum. He claimed that Solana had lost its “main character and liquidity engine,” which is why money would flow into ETH. Interestingly, he mentioned that celebrities have “cannibalized”, which is why he believes that the capital turnover cannot happen in the other direction with the money transferred from Ethereum to Solana.
At the time of writing, ETH is trading at around $3,500, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from The Crypto Times, chart from Tradingview.com