Ethereum’s price has burst out of its channel, surging above $3,800 in a remarkable move. However, a closer look reveals a intriguing development.
The Ethereum Foundation, the organization behind the cryptocurrency, has transferred 35,000 ETH (worth $94.07 million) to Kraken Deposit, sparking speculation about its intentions.
While the foundation likely needs to liquidate some assets for daily expenses, its wallet still holds an impressive $840 million in cryptocurrencies, including 273,776 ETH and 31,015 WETH. This raises questions about the foundation’s plans and the potential impact on Ethereum’s price.
Meanwhile, Ethereum spot ETFs have experienced a notable outflow, with a total net outflow of $5.6976 million on August 23, followed by seven consecutive days of negative flows. Grayscale’s ETHE ETF saw an outflow of $9.7656 million, while VanEck’s ETHV ETF recorded a modest inflow of $2.0063 million. The total net asset value of Ethereum spot ETFs now stands at $7.652 billion.
As Ethereum’s price continues to rise, investors are left wondering about the driving forces behind this breakout. Is it a genuine surge in demand, or is the Ethereum Foundation’s transfer playing a role? Only time will tell.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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