Breaking news! The US government transferred $12 million of Ethereum. Is a "Bitcoin-style" sell-off coming?
This month will be a crucial month for Ethereum. The S-1 approval of the spot Ethereum ETF will be announced this month. However, the US government transferred nearly $12 million of Ethereum at this "critical juncture", which makes people wonder if they are going to take advantage of the good news to sell? Is a sell-off similar to last month's Bitcoin coming?
This batch of transferred Ethereum mainly comes from the assets of Estonian cryptocurrency entrepreneurs seized by the US government. They promised investors that cryptocurrency mining can bring high returns, thus defrauding many investors. The Ethereum "confiscated" this time is similar to the sale of Bitcoin last month, both of which came from illegal seizures.
In fact, it is not uncommon for the government to hold and sell. Recently, the German government also transferred 2,700 Bitcoins it held to the exchange, and the US government also transferred 4,000 Bitcoins last month. The amount they transferred is just a drop in the bucket compared to their total holdings. You should know that the US government owns 2,135,340 bitcoins and Ethereum owns 50,524K.
The reason for the market decline cannot be simply attributed to the selling behavior of some governments. Perhaps the amount they sold is not as good as some "whales". For Ethereum this month, I am generally optimistic. First of all, the approval of the spot Ethereum ETF is a sure thing, and more institutional funds will enter the market at that time.
Secondly, I am optimistic about the entire Ethereum ecosystem. As the strongest smart contract, it has the most applications and rich business roadmaps. I also believe that Vitalik has the ability to bring Ethereum to a new height.
Finally, if the future is bound to reach a far distance, aren't these little pullbacks and some negatives your opportunities to get on board? In order to control the retracement, you can use the fixed investment strategy.
