News

Ethereum Soars Past $3,800: A Breakout With A Twist

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.

Ethereum Spot ETFs Records Massive Net Outflow Of $5.6976 Million

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.

Related Post

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: nexusplexus/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

26 mins ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

7 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

17 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

17 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

17 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

17 hours ago