He ethereum-foundation-unsettles-market-algotech-algt-resilient-with-historic-presale-as-aptos-apt-hedera-hbar-community-joins-in/” rel=”nofollow”>ethereum Foundation is back in the news after its recent transaction involving millions of ethereum (eth) Tokens. The nonprofit's ethereum transactions are always significant, considering the impact they typically have on the second-largest crypto token.
ethereum Foundation transfers eth worth $64.4 million
crypto-influencers-exposed-following-their-advice-could-cost-you-big-research/” rel=”nofollow”>crypto Journalist Colin Wu revealed in an x (formerly twitter) x.com/WuBlockchain/status/1802253542637314279″ rel=”nofollow”>mail that a wallet (0x8e…D052) linked to the ethereum Foundation transferred 18,089 eth ($64.4 million) to a new address (0x87…D812). Chain data shows that the new address has not yet transferred these funds and that the eth holdings have not yet been discharged to the market.
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Transactions involving the ethereum Foundations are always concerning because the non-profit organization has a reputation for selling at the top. As such, it is necessary to keep an eye on the transaction of these funds, considering that the potential sale of these tokens could mean that the ethereum Foundation is once again looking to catch eth at the top.
It is worth mentioning that the ethereum Foundation already sold more than 1,700 eth from the beginning of 2024 with SpotOnChain on-chain analytics platform, noting that these transactions have always occurred before a price drop. Therefore, a possible price drop if these 18,089 eth are eventually sold is a strong possibility.
Despite this development, ethereum's outlook is very bullish, especially according to Bloomberg analyst Eric Balchunas. indicating that ethereum Spot ETFs could begin trading on July 2. These funds are expected to spark a significant rally for the second-largest cryptocurrency by market capitalization, with crypto experts such as crypto-analyst-dogecoin-xrp/” rel=”nofollow”>Ash crypto predicting that ethereum could rise to $10,000 thanks to these ethereum Spot ETFs.
eth at $10,000 is the “most asymmetric bet”
Cryptocurrency analyst and trader bitcoin-could-retrace-to-9000-if-it-breaks-below-this-one-key-level/” rel=”nofollow”>Tyler Durden mentioned that the most asymmetric bet in cryptocurrencies today is for eth to reach $10,000. He also highlighted ethereum vs. bitcoin Chart and suggested that eth was ready for that big move, considering it has been trading sideways for eight months.
The analyst also x.com/TylerDurden/status/1802483032798175233″ rel=”nofollow”>He suggested that he ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week.” rel=”nofollow”>ethereum Spot ETF will play a huge role in ethereum rising to this price level. He stated that Wall Street made a lot of efforts to get the ethereum-etfs/” rel=”nofollow”>ethereum Spot ETF approved and that they would make sure to make money with eth while increasing its price.
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Meanwhile, Durden x.com/TylerDurden/status/1802577607432745294″ rel=”nofollow”>boldly stated that money would leave the Solana ecosystem and rotate into ethereum. He stated that Solana has lost its “core character and liquidity driver,” which is why money will flow into eth. Curiously, he x.com/TylerDurden/status/1802578162284638614″ rel=”nofollow”>mentioned which celebrities have “cannibalized”, so he believes 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 ethereum/” rel=”nofollow”>data from CoinMarketCap.
Featured image from The crypto Times, chart from Tradingview.com
