The US government has transferred a massive $12M worth of Ethereum, sparking speculations of a sell-off like Bitcoin. The transfer comes ahead of the much-awaited spot Ethereum ETF approval. It transferred 3,375 Ethereum, valued at approximately $11.75 million, to an unidentified address on Monday. The movement of a substantial amount of Ethereum has led to concerns that the US government might be preparing to capitalize on the Ether ETF S-1 approval news. If the government sells its Ethereum holdings, it could adversely affect the ETH price like Bitcoin.

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