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

The world’s second-largest cryptocurrency, Ethereum (ETH), is experiencing selling pressure as the approval of Ether spot ETFs proves to be a selling event. Interestingly, Ethereum Foundation wallets have moved a large amount of ETH this week.

Ethereum Foundation Wallet Transfers 92,500 ETH

According to data from Lookonchain, an Ethereum Foundation wallet 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 first received ETH tokens from the Ethereum Foundation on September 1, 2015. The move drew strong attention from the community, showing the strong strategic management of the Ethereum Foundation.

As noted, this is the second major move in the Foundation’s portfolio in a week. However, this current move has not had much impact on the Ethereum Price

which has partially recovered to $3,250 after Thursday’s dramatic drop. However, ETH The $3,500 barrier needs to be broken for the bulls to take control of the rally and move it towards $4,000 and beyond to new all-time highs.

Spot Ether ETF Outflows Continue

On its third day after its launch, the Ethereum spot ETF continued to see significant outflows, led by the Grayscale Ether ETF (ETHE) which saw over $346 million in outflows on Thursday. As a result, ETHE’s total AUM fell to $7.5 billion, eroding over $1.5 billion in just three days after its launch.

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

Read also : Hashdex Files S-1 for Combined Bitcoin and Ethereum ETF

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