Ethereum Foundation moves $64.4 million worth of ETH. Is this a dump?

that much Ethereum Foundation It’s back in the news after a recent deal involving millions of dollars. Ethereum (ETH) token. The non-profit’s Ethereum transactions are always significant considering their impact on the second-largest crypto token in general.

Ethereum Foundation transfers $64.4 million worth of ETH

Crypto journalist Colin Wu Published on X (formerly Twitter) post A wallet connected to the Ethereum Foundation (0x8e…D052) transferred 18,089 ETH ($64.4 million) to a new address (0x87…D812). On-chain data This shows that the new address has not yet transferred these funds and that ETH holdings have not yet been offloaded from the market.

Related Reading

Transactions involving the Ethereum Foundation are always worrisome as the non-profit organization has a reputation for: sell at the top. Therefore, the trading of these funds will be something to keep an eye on, considering the potential sale of these tokens could mean that the Ethereum Foundation is looking to capture ETH at the top again.

The Ethereum Foundation has already Over 1,700 ETH sold From early 2024 On-chain analysis platform SpotOnChain, note that these transactions always occur before price drops. Therefore, the potential price drop is very high if these 18,089 ETH are eventually sold.

Despite these developments, Ethereum’s outlook remains very optimistic. This is especially true for Bloomberg analyst Eric Balchunas. declaration The Spot Ethereum ETF can begin trading until July 2nd. The fund is expected to spark a significant rally for the second-largest cryptocurrency by market capitalization, with cryptocurrency experts including: ash encryption Thanks to these Spot Ethereum ETFs, it was predicted that Ethereum could rise to $10,000.

ETH for $10,000 is the most “asymmetric bet”

Cryptocurrency analyst and trader Tyler Durden He noted that the most asymmetric bet in crypto today is for ETH to reach $10,000. He also emphasized Bitcoin vs Ethereum Chart And considering that ETH has been trading sideways for 8 months, it was suggested that ETH may be ready for a big move.

Analysts too suggested that Spot Ethereum ETF This will play a big role in helping Ethereum rise to this price level. He said Wall Street took a lot of hard work to be successful. Spot Ethereum ETF It is approved and guaranteed to make money with ETH by increasing the price.

Related Reading

Meanwhile, Durden boldly asserted The money will be taken out of the Solana ecosystem and cycled into Ethereum. He claimed that her funds would flow into ETH because Solana had lost “her protagonist and driver of liquidity.” Interestingly, he talking Celebrities have “encroached” which is why he believes capital turnover cannot occur as opposed to money moving from Ethereum to Solana.

At the time of writing, ETH is said to be trading around $3,500 over the past 24 hours. data From CoinMarketCap.