Ancient Ethereum Foundation Wallet Sells Millions in ETH Ahead of ETF Launch

Analytics account @spotonchain spread the word about an ancient Ethereum Foundation wallet linked to the Ethereum ICO selling an impressive ETH chunk in the run-up to spot Ethereum ETFs going live later today.

This entity made another ETH sale, but it was much smaller.

Ethereum Foundation ICO wallet awakens

The aforementioned data source reported that earlier today, a wallet that belongs to the Ethereum Foundation sold 100 ETH for 345,179 DAI stablecoins. It happened just a few hours before spot Ethereum ETFs are going live.

Notably, @spotonchain also shared that before the above trade was conducted, a wallet that belongs to the same entity and that is linked to the Ethereum initial coin offering (ICO), 0xdb3, transferred 3,200 ETH to the Kraken exchange. That amount of ETH is valued at $11.2 million, the X analytics account said.

The #Ethereum Foundation sold 100 $ETH for 345,179 $DAI ~35 minutes ago!

Notably, the sale came when the Ethereum ETFs will be launched in less than 6 hours.

In 2024, the Ethereum Foundation has sold 2,366 $ETH for 6.9M $DAI at an avg price of $2,916. The last sale was on July… https://t.co/MH9SQ4zJ9J pic.twitter.com/0ungPupRQJ

— Spot On Chain (@spotonchain) July 23, 2024

In total, this year so far, the Ethereum Foundation has sold 5,566 ETH, including this recent 3,200 ETH sale.

The previous ETH sale made by the Ethereum Foundation was performed three weeks ago – on July 2, according to the tweet.

Ethereum ETFs to attract $4 billion inflows: Wintermute

Last week, the leading U.S. financial regulator, the Securities and Exchange Commission (SEC), finally issued the green light for spot Ethereum exchange-traded funds, and today, July 23, 11 spot ETFs based on Ethereum are expected to start trading.

Among the platforms that have confirmed the ETF launch today is the Chicago Board Options Exchange (CBOE); it will provide a venue for trading five Ethereum spot ETFs, those launched by Fidelity, Invesco Galaxy, Franklin Templeton, VanEck and 21Shares.

According to Chinese cryptocurrency journalist Colin Wu, cryptocurrency trading firm Wintermute has shared a prediction that within the next year, spot Ethereum ETFs are likely to attract as much as $4 billion in capital inflows for these assets. As for the Ethereum price, the company’s analysts expect that it will surge by 24% within the coming year.

The SEC has officially approved the S-1 applications of Ethereum spot ETFs. It is expected that the initial trading will start at 9:30 on July 23. Wintermute predicts that the spot Ethereum ETF will attract up to $4 billion in capital inflows in the next year, and the price of…

— Wu Blockchain (@WuBlockchain) July 23, 2024

So far, Ethereum is changing hands at $3,526. ETH has printed a large green candle on an hourly chart, surging by 2.53% after a 3.5% decline over the past 24 hours.

Bitcoiner Samson Mow tweeted today that Ethereum is trading “abysmally” despite the approaching spot ETF launch, unlike Bitcoin when it was in the same position in January.

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