A wallet linked to the Ethereum Foundation recently transferred 92,500 ETH, worth approximately $290 million, marking its first significant activity since 2017. This transaction has created a buzz in the cryptocurrency community. It is noteworthy because it took place two days after Ethereum ETFs went live, adding intrigue to the timing and raising questions over the exact reason behind such a transaction.

Transaction Details and Market Response

According to Etherscan, the wallet executed two transactions: a minor transfer of 1 ETH and a major transfer of 92,499.11296297 ETH. Before these, the only activity in the last seven years was a minute 0.000513 ETH transfer 30 days ago. Ether was valued at $3,160 per unit at the time of this major transfer. Despite this big move, the market response has been stable, with no immediate fluctuations observed.

Blockchain analytics platform Arkham Intelligence tracked this transfer, noting that the funds were moved to another address with no subsequent activity. The Ethereum Foundation has not commented on the transfer, and inquiries remain unanswered.

Major Whale Activity

On the other hand, on July 25th, a major Ethereum whale, who has made a $173 million profit, deposited 10,000 ETH worth about $34.2 million into Kraken just before Ethereum’s price dropped. Previously, this whale withdrew 96,639 ETH from Coinbase at around $1,580 in August and September 2022 and deposited 40,000 ETH into Kraken at approximately $3,422 since March. The whale still holds 56,639 ETH, with their total profit from Ethereum increasing by 113%.

Current Market Snapshot

In other news, Ethereum’s market has recently declined as trading volumes for the new ETFs dropped significantly. Initially, the ETFs saw strong trading volumes, totaling $1 billion. Grayscale Ethereum Trust (ETHE) led with $461 million in inflows, followed by BlackRock’s iShares Ether Trust (ETHA) with $244.7 million, and Grayscale’s mini ETF with $63.8 million. 

However, within 48 hours, Grayscale’s ETHE experienced a major outflow of $346 million, negatively impacting the market.

ETH Price Analysis

Currently, Ethereum is down 4.8% over the past 24 hours, trading at $3,180, and trading volume has decreased to $25 billion. However, as per the market data, this shows an overall trading volume drop of 10.83% to $39.83 billion and a more than 50% decline in options volume. Despite these setbacks, a slight rise in options open interest and bullish long/short ratios on major platforms like Binance and OKX suggest some investors remain optimistic about future price movements.

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