Ethereum’s price has burst out of its channel, surging above $3,800 in a remarkable move. However, a closer look reveals a intriguing development.
The Ethereum Foundation, the organization behind the cryptocurrency, has transferred 35,000 ETH (worth $94.07 million) to Kraken Deposit, sparking speculation about its intentions.
According to Arkham, Ethereum Foundation (0xde0) transferred 35,000 ETH to Kraken Deposit (0xd86), worth about $94.07 million. The foundation should be selling coins for daily expenses. https://t.co/sflRHzkE6C
— Wu Blockchain (@WuBlockchain) August 24, 2024
While the foundation likely needs to liquidate some assets for daily expenses, its wallet still holds an impressive $840 million in cryptocurrencies, including 273,776 ETH and 31,015 WETH. This raises questions about the foundation’s plans and the potential impact on Ethereum’s price.
Ethereum Spot ETFs Records Massive Net Outflow Of $5.6976 Million
Meanwhile, Ethereum spot ETFs have experienced a notable outflow, with a total net outflow of $5.6976 million on August 23, followed by seven consecutive days of negative flows. Grayscale’s ETHE ETF saw an outflow of $9.7656 million, while VanEck’s ETHV ETF recorded a modest inflow of $2.0063 million. The total net asset value of Ethereum spot ETFs now stands at $7.652 billion.
Ethereum spot ETF had a total net outflow of $5.6976 million on August 23, and continued net outflow for 7 consecutive days. Grayscale ETF ETHE had an outflow of $9.7656 million, and VanEck ETF ETHV had an inflow of $2.0063 million. The total net asset value of Ethereum spot ETF…
— Wu Blockchain (@WuBlockchain) August 24, 2024
As Ethereum’s price continues to rise, investors are left wondering about the driving forces behind this breakout. Is it a genuine surge in demand, or is the Ethereum Foundation’s transfer playing a role? Only time will tell.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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