Ethereum Foundation Sells ETH Amid Spot Ether ETF Debut
Highlights
- Ethereum Foundation sold 100 ETH for 345,179 DAI.
- Ethereum Foundation offloading Ethereum ahead spot Ethereum ETF launch raises skepticism.
- ETH price trades higher at $3,505.
Ethereum Foundation has just sold 100 ETH, according to a transaction on Tuesday. The move raises eyebrows in the crypto community as the foundation sold the crypto asset just before the spot Ethereum ETF listing and trading today. Traders didn’t respond immediately to the selloff by the foundation.
Ethereum Foundation Wallets Offloading ETH
It’s a huge week for Ethereum and ETH with the spot Ether ETFs set to go live today. However, Ethereum Foundation-linked wallets are selling the crypto asset ahead of ETF launch.
In a significant development on July 23, Ethereum Foundation sold 100 ETH for 345,179 DAI. Notably, the transaction came just before the start of spot Ethereum ETFs trading today. Traders look out for further cues as institutions continue to send ETH to crypto exchanges or other wallets.
As per on-chain data platform Spot On Chain, Ethereum Foundation has sold 2,366 ETH for 6.9 million DAI stablecoin this year. The last Ether selloff by the foundation was noted on July 2. Investors panicked due to offloading by foundation-linked wallets, but overall sentiment remain positive.
In addition, the wallet address “0xdb3” linked to Ethereum Foundation or Ether ICO moved 3,200 ETH worth $11.2 million to Kraken. Grayscale also transferred $1 billion in Ethereum to Coinbase ahead spot Ethereum ETF debut.
Also Read: OKX To Delist XRP, SHIB, ADA, & 27 Crypto In BTC and ETH Pairs
US SEC Issues Effectiveness Notice For Ether ETFs
U.S. SEC has issued the S-1 application effectiveness notice for all spot Ethereum ETFs. Issuers including BlackRock’s iShares, Fidelity, Franklin Templeton, Bitwise, VanEck, 21Shares, Invesco Galaxy, and Grayscale are set to start trading today.
Grayscale Ethereum Trust (ETHE) and BlackRock ETF (ETHA) are witness massive trading activity in pre-market hours, as per Yahoo Finance.
ETH price jumped 0.50% in the past 24 hours, with the price currently trading at $3,505. The 24-hour low and high are $3,425.80 and $3,539.53, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
Futures trading also records buying, with a 4% increase in ETH futures open interest in the lat 24 hours. The total Ethereum OI rises to $15.33 billion, as per CoinGlass.
Also Read: Terra Sets Preliminary Date For LUNA, LUNC, USTC Recovery
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
