Ethereum Foundation sold large ETH amount prior to spot ETF launch
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Notably, @spotonchain also shared that before the above trade was conducted, a wallet that belongs to the same entity and that is linked to the Ethereum initial coin offering , 0xdb3, transferred 3,200 ETH to the Kraken exchange. That amount of ETH is valued at $11.2 million, the X analytics account said.July 23, 2024
Last week, the leading U.S. financial regulator, the Securities and Exchange Commission , finally issued the green light for spot Ethereum exchange-traded funds, and today, July 23, 11 spot ETFs based on Ethereum are expected to start trading. According to Chinese cryptocurrency journalist Colin Wu, cryptocurrency trading firm Wintermute has shared a prediction that within the next year, spot Ethereum ETFs are likely to attract as much as $4 billion in capital inflows for these assets. As for the Ethereum price, the company’s analysts expect that it will surge by 24% within the coming year.
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