Earlier this Thursday, Whale Alert sent shockwaves across the cryptocurrency market with a $1 billion Ethereum transfer that was sent from an unknown wallet to Coinbase Institutional. 

According to Eric Balchunas, Bloomberg's senior ETF analyst, this is a transfer from Grayscale's ETHE to its mini-product. The latter will have ultra-competitive fees that will allow the crypto asset manager to compete with the likes of BlackRock and Fidelity. 

That is a new variable that market participants did not have in the Bitcoin ETF race that started in January. 

The SEC recently gave Ethereum ETFs its final nod, and these much-awaited products can start trading as soon as today.

According to Coinbase, the approval of Ethereum ETFs marks "another important milestone" for the industry, helping to catalyze further growth.

Jay Jacobs, the U.S. Head of Thematic and Active ETFs at BlackRock, praised Ethereum's utility, pitching it as a global platform for decentralized applications.  

Ethereum (ETH) is currently trading in the red despite the upcoming ETF launch, according to CoinGecko. 

On Monday, a rare Ethereum transfer took place, with a dormant wallet transferring 977 ETH for the first time in nine years.