Samson Mow, Bitcoin maximalist and JAN3 chief executive officer, has posted a critical statement about ETH's price performance, while spot Ethereum ETFs are about to start trading.
Meanwhile, over the past 24 hours, the second largest cryptocurrency by the market capitalization size, Ethereum, has declined by slightly more than 3%.
"Ethereum performing abysmally": Samson Mow
Mow, a vocal Bitcoiner who constantly slams altcoins, including the biggest one, Ethereum, noted in a recent X post that “Ethereum sure is performing abysmally.” At the time, it was already confirmed that spot Ethereum exchange-traded funds (ETFs) are about to start trading. Mow assumed that perhaps investors have come to the same conclusion that he did a long time ago; he has often criticized ETH as a “centralized s-coin.”
The Bitcoin price reacted opposite to that of Ethereum when the SEC approved spot Bitcoin ETFs last January; BTC began to skyrocket right after the approval was announced and before actual trading took place.
#Ethereum sure is performing abysmally ahead of its ETF launch. Maybe investors reached the same conclusion that I did. https://t.co/FnlBZPsvEn
— Samson Mow (@Excellion) July 23, 2024
As reported by U.Today recently, the Chicago Board Options Exchange (CBOE) confirmed that five ETFs based on the Ethereum spot price are going live on this platform today. Those Ethereum ETFs are provided by Fidelity, Invesco Galaxy, Franklin Templeton, VanEck and 21Shares.
Overall, 11 Ethereum ETFs are about to launch, including those set up by Grayscale, Bitwise and BlackRock.
Still, despite the approaching spot Ethereum ETF trading launch, the ETH price has not been showing much agitation since the announcement was made on July 18. On that day, Ethereum faced a 2.6% decline, and then it traded sideways until it demonstrated a 4.56% increase on the following day. ETH then briefly touched the $3,540 level.
After declining to $3,413 on Sunday, ETH again attempted to break above the $3,540 price line. Since then, it has lost 3.45% and is changing hands at $3,452% at the time of this writing.
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$1 billion in Ethereum transferred to Coinbase
Earlier today, the cryptocurrency community was stunned as it saw a mammoth-sized Ethereum transfer that deposited 292,262 ETH (worth a whopping $1,009,462,087) from an anonymous wallet to Coinbase Institutional.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 292,262 #ETH (1,009,462,087 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/cjJcUv7Bcl
— Whale Alert (@whale_alert) July 22, 2024
Chief Bloomberg ETF analyst Eric Balchunas spread the word that this gigantic transaction was made by Grayscale as it moved funds from its Ethereum Trust, now converted into a spot ETF (ETHE) to its mini-product.
