- Ethereum Foundation wallet transfers 15,254 ETH to Kraken.
- Dormant Ethereum address activates with $21.9M in ETH.
- ETH holdings increase to 16M post-ETF approval in the U.S.
ETH has seen much action in the past few hours as an Ethereum Foundation-associated wallet transferred 15,254 ETH to the Kraken exchange. This transaction is estimated to be worth around $56.1 million; the news has created much debate among the cryptocurrency community members on its effects on the market.
When the $ETH price started to drop, an #EthereumFoundation-related wallet deposited 15,254 $ETH($56.1M) into #Kraken 8 hours ago.
The $ETH in this wallet comes from an #EthereumFoundation wallet and a wallet that received 200K $ETH in the Ethereum ICO.https://t.co/j7KPmMt1i8 pic.twitter.com/8Oi5zWMeiC
— Lookonchain (@lookonchain) June 8, 2024
Adding to the intrigue, a long-dormant Ethereum address, which had not seen activity since its creation nearly nine years ago, came to life. This address holds an estimated $21.9 million in pre-mined ETH, adding another layer of complexity to the current market dynamics. Such movements are closely monitored as they can indicate major upcoming shifts in market strategy or sentiment.
Market Response and Investor Interest Surge
Following the U.S. approval of spot ETH ETFs on May 20, there has been a marked increase in Ethereum demand. Long-term holders now acquire an average of 40,000 ETH daily, a stark rise from the 5,000 ETH daily average before the announcement.
Additionally, major ETH investors have expanded their holdings to 16 million ETH, up from 15.4 million. This accumulation suggests growing confidence in Ethereum’s enduring value and stability despite market fluctuations.
These developments provide critical insights into Ethereum’s evolving landscape. The substantial increase in holdings by major investors, combined with significant transactions from foundational addresses, paints a picture of a dynamic market that continues to attract substantial interest and speculation.
As the November elections approach, the cryptocurrency sector remains a focal point of attention, with Ethereum at the centre of many discussions.