An ancient Ethereum Foundation wallet has made headlines by selling a significant amount of ETH just before the launch of spot Ethereum ETFs. This wallet, linked to the Ethereum ICO, sold 100 ETH for 345,179 DAI stablecoins only hours before the ETFs go live.
The Ethereum Foundation ICO wallet has recently been active. Earlier today, it transferred 3,200 ETH, valued at $11.2 million, to the Kraken exchange. In total, the foundation has sold 5,566 ETH this year, including this latest transaction.
The previous sale by the Ethereum Foundation occurred three weeks ago on July 2. This move comes as the crypto world eagerly anticipates the launch of 11 spot Ethereum ETFs today. The Chicago Board Options Exchange (CBOE) will provide a trading venue for ETFs launched by Fidelity, Invesco Galaxy, Franklin Templeton, VanEck, and 21Shares.
Wintermute, a cryptocurrency trading firm, predicts that these spot Ethereum ETFs could attract $4 billion in capital inflows within the next year. Analysts at Wintermute also expect the price of Ethereum to surge by 24% over the same period.
Currently, Ethereum is trading at $3,506, having increased by 2.53% after a 3.5% decline in the past 24 hours. Despite this positive movement, Bitcoiner Samson Mow tweeted that Ethereum is trading “abysmally” compared to Bitcoin’s performance during its own ETF launch in January.
The market remains optimistic about the future of Ethereum, with the anticipated ETF launch potentially driving significant capital inflows and price increases. However, the recent activity by the Ethereum Foundation suggests strategic moves ahead of this major event.
