Breaking News: US government transfers $12 million in Ethereum, is a Bitcoin-style sell-off coming?
US government's huge Ethereum transfer causes market ripples
Recently, a major financial move by the US government - Ethereum (ETH) worth about $12 million was quietly transferred. This move was like throwing a stone into the calm cryptocurrency lake, causing ripples. The market reacted strongly to this, speculating whether this foreshadows another round of sell-offs similar to the Bitcoin (BTC) frenzy, especially on the eve of the approval of the spot Ethereum ETF S-1.
A huge amount of Ethereum flowed on Monday, and the market was nervous
On the first trading day of July, the US government announced a large-scale change in its Ethereum reserves, a total of 3,375 ETH, worth nearly $12 million, which was quickly transferred to an undisclosed address. This move quickly attracted widespread attention from the cryptocurrency community, and many investors worried whether the government was paving the way for the upcoming ETF approval and preparing to cash out.
On the eve of ETF approval, market sentiment is delicate
At the same time, the U.S. Securities and Exchange Commission (SEC) is intensively reviewing the application for Ethereum spot ETF S-1. Several heavyweight financial institutions such as BlackRock, Fidelity and VanEck have submitted relevant documents and are expected to receive feedback in the near future. Market analysts pointed out that the government's transfer of Ethereum at this time may be intended to use the good news of ETF approval to conduct market operations, further exacerbating the tense atmosphere in the market.
