Ethereum
Former Ethereum (ETH) Whale Wakes Up Ahead of ETH Launch
Alex Dovbnia
The activation of a major dormant Ethereum address comes just one day before the launch of Ethereum spot ETFs
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A dormant Ethereum address containing 977 ETH tokens has been activated for the first time in nine years, according to Whale Alert.
This activation comes on the eve of the highly anticipated launch of several Ethereum spot exchange-traded funds (ETFs) in the United States.
According to James Seyffart, a prominent ETF analyst, the products are expected to go live on July 23. “We expect them to begin trading tomorrow. That means we should see a series of filings on the SEC website today indicating that the ETF prospectuses have become ‘effective.’ Likely after or around the market close,” Seyffart said in a social media post.
It is now clear whether the revival of the old Ethereum address is somehow connected to the long-awaited event. That said, all eyes should be on the flagship altcoin this Tuesday.
It is worth noting that this is the first time a dormant Ethereum address has been activated this month. In June, a dormant pre-mined address containing a whopping 6,000 ETH came out of dormancy. Two pre-mined Ethereum addresses were also activated in May.
The U.S. Securities and Exchange Commission did a complete U-turn in May by greenlighting several Ethereum ETFs from issuers including BlackRock, Fidelity, and Grayscale. Now that the two-step approval process is complete, these products are set to see their first inflows that will be widely followed within the cryptocurrency industry. That being said, there is a great deal of uncertainty surrounding the magnitude of these inflows. If these ETFs underperform, it could end up being a significant bearish catalyst (and vice versa).
According to data from CoinGecko, Ethereum is currently trading at $3,467 after falling 1.1% over the past 24 hours.
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.