Ethereum Foundation Moves 92,500 ETH, Ether ETF Outflows Surge

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Grayscale and Bitwise In Early Lead as Ethereum ETF Volume Tops $100M

The world’s second-largest cryptocurrency Ethereum (ETH) has been under selling pressure as the approval of spot Ether ETFs turns out to be a sell-the-news event. Interestingly, the Ethereum foundation wallets have been moving a large number of ETH this week.

Ethereum Foundation Wallet Moves 92,500 ETH

As per data from Lookonchain, an Ethereum Foundation wallet has transferred 92,500 ETH worth a staggering $294.9 million to another new wallet for the first time in nearly 6.6 years. On-chain tracking shows that the wallet received ETH tokens for the first time from the Ethereum Foundation on September 1, 2015. this move has drawn strong attention from the community showing the strong strategic management of the Ethereum foundation.

As said this is the second major move by the Foundation wallet within a week’s time. However, this current move hasn’t had much impact on the Ethereum price which has partially recovered to $3,250 after the dramatic drop on Thursday. However, ETH needs to cross the $3,500 for bulls to take over the rally and move it to $4,000 and beyond to new all-time highs.

Spot Ether ETF Outflows Continue

On the third day after launch, the spot Ethereum ETF has continued to see major outflows led by the Grayscale Ether ETF (ETHE) which saw over $346 million in outflows on Thursday. As a result, the total AUM of ETHE has dropped to $7.5 billion eroding more than $1.5 billion in just three days of launch.

On the other hand, the Black Ether ETF (ETHA) saw daily inflows of $72.9 million while Fidelity’s FETH saw inflows of $34.3 million. Interestingly, in a milestone development, the Bitwise Ether ETF (ETHW) saw its banner rise on the New York Stock Exchange (NYSE) on Thursday. The ETHW inflows yesterday stood at $17 million.

Also Read: Hashdex Files S-1 For Combined Spot Bitcoin and Ethereum ETF

The post Ethereum Foundation Moves 92,500 ETH, Ether ETF Outflows Surge appeared first on CoinGape.

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