TL;DR
- ICO-era Ethereum whales transferred 3,631 ETH ($12.5 million) to Kraken in the past few days.
- The 0xdb3 wallet offloaded 2,631 ETH and has deposited $65 million into exchanges since June.
- Anticipation for SEC approval of Ethereum ETF intensifies with new expectations.
Amid growing anticipation over the approval of the Ethereum ETF by the US Securities and Exchange Commission (SEC), an unusual movement of funds has been recorded in historical wallets from the Initial Coin Offering (ICO) era.
In the past 48 hours, two wallets related to these events have transferred a total of 3,631 ETH to the Kraken exchange, a movement equivalent to approximately $12.5 million.
Two #Ethereum Foundation/ICO-related wallets deposited 3,631 $ETH ($12.5M) to #Kraken in the past 2 days as the market rebounded:
1️⃣ Wallet 0xdb3 unloaded 2,631 $ETH ($9.01M).
• It received $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.
• Since June 8,… pic.twitter.com/rpEC1Fe4jj
— Spot On Chain (@spotonchain) July 17, 2024
This fact has caught the attention of the market, which is watching with interest the possible impact that the approval of the ETF could have on the price of the cryptocurrency.
The 0xdb3 wallet has been responsible for a significant portion of these transfers, offloading 2,631 ETH, representing a value of $9.01 million.
This wallet has had an active history, receiving ETH deposits from both the Ethereum Foundation and other ICO participants, and since June 8th has deposited a total of 17,886 ETH, equivalent to $65 million, across various centralized exchanges.
These moves are indicative of a possible fear among large investors, who may be looking to secure their assets in the face of market uncertainty.
On the other hand, the 0xbf5 wallet has also contributed to this activity, transferring 1,000 ETH, valued at $3.46 million.
This wallet is connected to an ICO participant, 0x510, who originally purchased 100,000 ETH during the Genesis event in 2015.
Despite recent transfers, this wallet still maintains an impressive balance of 49,000 ETH, which is equivalent to approximately $171.2 million today.
Impact of Ethereum ETF
Anticipation surrounding the approval of the Ethereum ETF has intensified, especially after the SEC failed to give the green light on the previously expected date of July 15.
Now, the market is eyeing July 23 as a new critical date. Analysts believe the ETF’s arrival could catalyze a significant surge in the price of ETH, with projections suggesting it could reach as high as $4,500.
However, not everyone is optimistic.
There is a possibility that investors may decide to sell the moment the news materializes, which could lead to a short-term price drop.
Despite this, the overall sentiment in the market is positive, with some experts arguing that Ethereum could even outperform Bitcoin in the long run.
In any case, attention remains focused on the SEC and its final decision on approving Ethereum ETFs, as this event could have significant repercussions on the future of the cryptocurrency market .
