👀👀Ethereum Foundation Made a Major Transfer 👀👀

The Ethereum Foundation, which is behind Ethereum, the largest altcoin in terms of market value, made a remarkable asset transfer during the launch week. Following listing on July 23, ETH ETFs reached $1 billion in daily trading volume, which reached $500 million earlier today. These developments led to major fluctuations in the Ethereum market.

92,500 ETH, worth $290 million, was transferred from a wallet that remained dormant for approximately 7 years. This move came on the heels of a 10% drop in Ethereum price, causing a lot of speculation. Although it is unclear whether the transfer is linked to the Ethereum Foundation, the most likely scenario is that the funds were moved to another secure address. Arkham Intelligence stated that the recipient address of the transfer could be associated with the Ethereum Foundation. At the time of writing, the ETH price dropped by 7% to $3,172. Ethereum suffered a double-digit loss as Bitcoin fell to $63,500. This is attributed to MtGox refunds and losses of $1.1 trillion in the US stock market.

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