Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?
June 17 2024 - 10:00AM
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The Ethereum Foundation is again in the news following its recent
transaction involving millions of Ethereum (ETH) tokens. The
non-profit organization’s Ethereum transactions are always
significant, considering the impact they usually have on the
second-largest crypto token. Ethereum Foundation Transfers
$64.4 Million Worth Of ETH Crypto journalist Colin Wu revealed in
an X (formerly Twitter) post 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 yet to transfer these funds and that the ETH holdings have yet
to be offloaded on the market. Related Reading: Solana Whale Shakes
Market With $372 Million Transfer, Where Are The Coins Headed?
Transactions involving the Ethereum Foundations are always
concerning because the non-profit organization has a reputation for
selling at the top. As such, the transaction of these funds is one
to keep an eye on, considering that the potential sale of these
tokens could mean that the Ethereum Foundation is 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 start of 2024
with on-chain analytics platform SpotOnChain, noting that these
transactions have always occurred ahead of a price drop. Therefore,
a potential price drop if these 18,089 ETH are eventually sold is a
huge possibility. Despite this development, Ethereum’s
outlook is very bullish, especially with Bloomberg analyst Eric
Balchunas stating that the 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 Crypto predicting that Ethereum could rise to $10,000
thanks to these Spot Ethereum ETFs. ETH To $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 highlighted Ethereum’s chart against
Bitcoin and suggested that ETH was ready for that big move,
considering it has traded sideways for eight months. The
analyst also suggested that the Spot Ethereum ETFs will play a
massive role in Ethereum’s rise to this price level. He stated that
Wall Street went through a lot of effort to get the Spot Ethereum
ETFs approved and that they would ensure that they make money from
ETH while pumping its price. Related Reading: Bernstein
Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main
Focus Meanwhile, Durden boldly asserted that money would exit the
Solana ecosystem and rotate to Ethereum. He claimed that Solana has
lost its “main character and driver of liquidity”, which is why the
money will flow into ETH. Interestingly, he mentioned that
celebrities have “cannibalised,” which is why he believes that the
capital rotation cannot happen the other way around with money
moving from Ethereum to Solana. At the time of writing, ETH
is trading at around $3,500, down in the last 24 hours, according
to data from CoinMarketCap. Featured image from The Crypto
Times, chart from Tradingview.com
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