the Ethereum Foundation Back in the news after her latest multi-million dollar deal Ethereum (ETH) tokens.. The nonprofit’s Ethereum transactions are always significant, considering the impact they typically have on the cryptocurrency’s second-largest token.
The Ethereum Foundation transfers $64.4 million worth of ETH
Crypto journalist Collin Wu Revealed on X (formerly Twitter) mail The wallet (0x8e…D052) linked to the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a new address (0x87…D812). Data on the chain It shows that the new address has not yet transferred these funds and that the ETH holdings have not yet been offloaded to the market.
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Transactions involving Ethereum organizations are always concerning because the non-profit organization has a good reputation Sell at the top. As such, the transaction of these funds is one to watch, keeping in mind that a potential sale of these tokens could mean that the Ethereum Foundation is once again looking to catch up with ETH at the top.
It is worth noting that the Ethereum Foundation has already done this It was sold for over 1,700 ETH Since the beginning of 2024 with SpotOnChain on-chain analytics platformNoting that these transactions always take place before prices drop. Therefore, a potential price drop if 18,089 ETH is eventually sold is a high possibility.
Despite this development, the outlook for Ethereum is very bullish, especially with Bloomberg analyst Eric Balchunas It is useful Spot Ethereum ETFs could begin trading by July 2nd. These funds are expected to spark a major rally for the second-largest cryptocurrency by market capitalization, with cryptocurrency experts such as ash encryption Expect Ethereum price to rise to $10,000 thanks to Spot Ethereum ETFs.
ETH to $10,000 is the most “asymmetric bet”.
Crypto analyst and trader Tyler Durden He mentioned that the most divergent bet in crypto today is for ETH to reach $10,000. Also highlighted Ethereum vs Bitcoin chart He noted that ETH was ready for this big move, considering it had been trading sideways for eight months.
Analyst too Proposal that Ethereum ETFs It will play a huge role in the price of Ethereum rising to this price level. He stated that Wall Street put a lot of effort into obtaining Ethereum ETFs They are approved and they will ensure that they make money from ETH while pumping its price.
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Meanwhile, Durden He asserted boldly This money will exit the Solana ecosystem and move into Ethereum. He claimed that Solana lost its “main character and liquidity engine,” which is why funds will flow into ETH. It is interesting that Mentioned That celebrities have been “cannibalized,” which is why he believes that capital turnover cannot happen in reverse as money moves 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 Coin Market Cap.
Featured image from The Crypto Times, chart from Tradingview.com
