A major Ethereum whale has moved to cash out a significant portion of holdings following the launch of spot Ether ETFs in the US
The whale withdrew a whopping 96,639 ETH from the Coinbase exchange in early September when Ethereum was in a bear market. Back then, the second-largest cryptocurrency was trading at the $1,500 level. Elon Musk and Dogecoin Founder Stun Crypto Community With Posts About TruthAccording to CoinGecko, the ETH price is currently sitting at $3,397 after dipping 2.3% over the past 24 hours.
Notably, the whale moved to cash out the latest batch of its ETH holdings right after the launch of Ether ETFs. As , an ancient Ethereum address containing nearly 1,000 ETH tokens was also activated right on the cusp of the ETH launch day. This was the first activation of such an old wallet during July. Meanwhile, Ethereum ETFs are benefiting from strong investor enthusiasm.
With that being said, Grayscale's outflows will likely remain a bearish catalyst for the Ether price in the near future despite strong inflows recorded by BlackRock's and Fidelity's products. QCP has maintained a positive ETH outlook, noting that it took Bitcoin more than two months to reach a new record peak following the launch of ETHs in January.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
John Bollinger Issues Positive Litecoin Price Prediction, Samson Mow Slams ETH Ahead of Ethereum ETF Launch, SHIB Burn Rate Spikes 482%: Crypto News Digest by U.TodayJohn Bollinger Issues Positive Litecoin Price Prediction, Samson Mow Slams ETH Ahead of Ethereum ETF Launch, SHIB Burn Rate Spikes 482%: Crypto News Digest by U.Today
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ancient Ethereum (ETH) Whale Awakens Ahead of ETH LaunchThe activation of a major dormant Ethereum address comes just a day before the launch of spot Ethereum ETFs
Read more »
Star Diamond acquires Buffalo Hills diamond project in Alberta No 1 source of global mining news and opinion
Read more »
Katy Perry Earns Her First Diamond Album And Several New Diamond Singles SimultaneouslyI am a music journalist based in New York City. My byline has appeared in The Huffington Post, Billboard, Mashable, Noisey, The Hollywood Reporter, MTV, Fuse, and dozens of other magazines and blogs around the world.
Read more »
Ethereum on-chain metrics point to potential rallyEthereum (ETH) is up nearly 3% on Thursday as upcoming spot ETH ETF launch and key on-chain metrics suggest an ETH rally might be around the corner.
Read more »
Dormant Ethereum Whale Stuns Major Crypto Exchange With 7,240 ETH ShiftEthereum down 11.77% on weekly basis
Read more »
Cryptocurrencies Price Prediction: Ethereum, Worldcoin & Meme CoinsEthereum to see new all-time high after ETH ETF launch: Bitwise Ethereum (ETH) is up nearly 2% on Tuesday following predictions from Bitwise chief investment officer (CIO) Matt Hougan that ETH ETFs could help push ETH to a new all-time high above $5,000.
Read more »