Ethereum

Million

Foundation

Spot

<p>The <a href="https://bitcoinist.com/sec-investigation-on-ethereum-foundation-unsettles-market-algotech-algt-resilient-with-historic-presale-as-aptos-apt-hedera-hbar-community-joins-in/" rel="nofollow">Ethereum Foundation</a> is again in the news following its recent transaction involving millions of <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-drop-to-2500/">Ethereum (ETH) tokens</a>. The non-profit organization’s Ethereum transactions are always significant, considering the impact they usually have on the second-largest crypto token.&nbsp;</p> 
<h2 id="ethereum-foundation-transfers-64-4-million-worth-of-eth">Ethereum Foundation Transfers $64.4 Million Worth Of ETH</h2> 
<p><a href="https://bitcoinist.com/crypto-influencers-exposed-following-their-advice-could-cost-you-big-research/" rel="nofollow">Crypto journalist Colin Wu</a> revealed in an X (formerly Twitter) <a href="https://x.com/WuBlockchain/status/1802253542637314279" rel="nofollow">post</a> that a wallet (0x8e…D052) linked to the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a new address (0x87…D812). <a href="https://etherscan.io/address/0x8798faBEC480628d1C7AD9CFA4BCf6A619FeD812" rel="nofollow">On-chain data</a> shows that the new address has yet to transfer these funds and that the ETH holdings have yet to be offloaded on the market.</p> 
<p>Transactions involving the Ethereum Foundations are always concerning because the non-profit organization has a reputation for <a href="https://www.newsbtc.com/news/ethereum/the-ethereum-foundation-sold-at-the-top-again-did-they-know-something-we-didnt/">selling at the top</a>. As such, the transaction of these funds is one to keep an eye on, considering that the potential sale of these tokens could mean that the Ethereum Foundation is again looking to catch ETH at the top.</p> 
<p>It is worth mentioning that the Ethereum Foundation has already <a href="https://www.newsbtc.com/news/ethereum/ethereum-foundation-1000-eth/#:~:text=On%2Dchain%20analytics%20platform%20SpotOnChain,(0xbc9)%20on%20May%208.">sold over 1,700 ETH</a> since the start of 2024 with <a href="https://www.newsbtc.com/analysis/pepe/crypto-whale-10-4-million-pepe/">on-chain analytics platform SpotOnChain</a>, noting that these transactions have always occurred ahead of a price drop. Therefore, a potential price drop if these 18,089 ETH are eventually sold is a huge possibility.&nbsp;</p> 
<p>Despite this development, Ethereum’s outlook is very bullish, especially with Bloomberg analyst Eric Balchunas <a href="https://www.newsbtc.com/news/ethereum/spot-ethereum-etfs-10000/">stating</a> that the Spot Ethereum ETFs could begin trading by July 2. These funds are expected to spark a significant rally for the second-largest crypto by market cap, with crypto experts like <a href="https://bitcoinist.com/crypto-analyst-dogecoin-xrp/" rel="nofollow">Ash Crypto</a> predicting that Ethereum could rise to $10,000 thanks to these Spot Ethereum ETFs.&nbsp;</p> 
<h2 id="eth-to-10-000-is-the-most-asymmetric-bet">ETH To $10,000 Is The Most “Asymmetric Bet”</h2> 
<p>Crypto analyst and trader <a href="https://bitcoinist.com/bitcoin-could-retrace-to-9000-if-it-breaks-below-this-one-key-level/" rel="nofollow">Tyler Durden</a> mentioned that the most asymmetric bet in crypto today is ETH reaching $10,000. He also highlighted <a href="https://www.newsbtc.com/news/ethereum/ethereum-crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.">Ethereum’s chart against Bitcoin</a> and suggested that ETH was ready for that big move, considering it has traded sideways for eight months.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-625039" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f5c778.png?w=460&amp;resize=460%2C174" alt="" width="460" height="174" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f5c778.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f5c778.png?w=460&amp;resize=460%2C174 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>The analyst also <a href="https://x.com/TylerDurden/status/1802483032798175233" rel="nofollow">suggested</a> that the <a href="https://bitcoinist.com/ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week." rel="nofollow">Spot Ethereum ETFs</a> will play a massive role in Ethereum’s rise to this price level. He stated that Wall Street went through a lot of effort to get the <a href="https://bitcoinist.com/sec-grants-historic-approval-for-ethereum-etfs/" rel="nofollow">Spot Ethereum ETFs</a> approved and that they would ensure that they make money from ETH while pumping its price.&nbsp;</p> 
<p>Meanwhile, Durden <a href="https://x.com/TylerDurden/status/1802577607432745294" rel="nofollow">boldly asserted</a> that money would exit the Solana ecosystem and rotate to Ethereum. He claimed that Solana has lost its “main character and driver of liquidity”, which is why the money will flow into ETH. Interestingly, he <a href="https://x.com/TylerDurden/status/1802578162284638614" rel="nofollow">mentioned</a> that celebrities have “cannibalised,” which is why he believes that the capital rotation cannot happen the other way around with money moving from Ethereum to Solana.&nbsp;</p> 
<p>At the time of writing, ETH is trading at around $3,500, down in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/ethereum/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/BWymzyN9/" alt="ETH price chart from Tradingview.com (Ethereum Foundation)" width="3286" height="1576">

Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?

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