{"id":625038,"date":"2024-06-17T15:00:11","date_gmt":"2024-06-17T15:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=625038"},"modified":"2024-06-17T12:20:14","modified_gmt":"2024-06-17T12:20:14","slug":"ethereum-foundation-64-4-million","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-foundation-64-4-million\/","title":{"rendered":"Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?"},"content":{"rendered":"

The <\/span>Ethereum Foundation<\/span><\/a> is again in the news following its recent transaction involving millions of <\/span>Ethereum (ETH) tokens<\/span><\/a>. The non-profit organization\u2019s Ethereum transactions are always significant, considering the impact they usually have on the second-largest crypto token.\u00a0<\/span><\/p>\n

Ethereum Foundation Transfers $64.4 Million Worth Of ETH<\/h2>\n

Crypto journalist Colin Wu<\/span><\/a> revealed in an X (formerly Twitter) <\/span>post<\/span><\/a> that a wallet (0x8e\u2026D052) linked to the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a new address (0x87\u2026D812). <\/span>On-chain data<\/span><\/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.<\/span><\/p>\n

Related Reading: Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?<\/a><\/div>\n

Transactions involving the Ethereum Foundations are always concerning because the non-profit organization has a reputation for <\/span>selling at the top<\/span><\/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.<\/span><\/p>\n

It is worth mentioning that the Ethereum Foundation has already <\/span>sold over 1,700 ETH<\/span><\/a> since the start of 2024 with <\/span>on-chain analytics platform SpotOnChain<\/span><\/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.\u00a0<\/span><\/p>\n

Despite this development, Ethereum\u2019s outlook is very bullish, especially with Bloomberg analyst Eric Balchunas <\/span>stating<\/span><\/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 <\/span>Ash Crypto<\/span><\/a> predicting that Ethereum could rise to $10,000 thanks to these Spot Ethereum ETFs.\u00a0<\/span><\/p>\n

ETH To $10,000 Is The Most \u201cAsymmetric Bet\u201d<\/h2>\n

Crypto analyst and trader <\/span>Tyler Durden<\/span><\/a> mentioned that the most asymmetric bet in crypto today is ETH reaching $10,000. He also highlighted <\/span>Ethereum\u2019s chart against Bitcoin<\/span><\/a> and suggested that ETH was ready for that big move, considering it has traded sideways for eight months.\u00a0<\/span><\/p>\n

\"\"
Source: X<\/figcaption><\/figure>\n

The analyst also <\/span>suggested<\/span><\/a> that the <\/span>Spot Ethereum ETFs<\/span><\/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 <\/span>Spot Ethereum ETFs<\/span><\/a> approved and that they would ensure that they make money from ETH while pumping its price.\u00a0<\/span><\/p>\n

Related Reading: Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus<\/a><\/div>\n

Meanwhile, Durden <\/span>boldly asserted<\/span><\/a> that money would exit the Solana ecosystem and rotate to Ethereum. He claimed that Solana has lost its \u201cmain character and driver of liquidity\u201d, which is why the money will flow into ETH. Interestingly, he <\/span>mentioned<\/span><\/a> that celebrities have \u201ccannibalised,\u201d which is why he believes that the capital rotation cannot happen the other way around with money moving from Ethereum to Solana.\u00a0<\/span><\/p>\n

At the time of writing, ETH is trading at around $3,500, down in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"ETH
ETH price maintains $3,500 support | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
\n
Featured image from The Crypto Times, chart from Tradingview.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Ethereum Foundation is again in the news following its recent transaction involving millions of Ethereum (ETH) tokens. The non-profit organization\u2019s Ethereum transactions are always significant, considering the impact they usually have on the second-largest crypto token.\u00a0 Ethereum Foundation Transfers $64.4 Million Worth Of ETH Crypto journalist Colin Wu revealed in an X (formerly Twitter) post that a wallet (0x8e\u2026D052) linked to the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a new address (0x87\u2026D812). On-chain data shows that the new address has yet to transfer these funds and that the ETH holdings have yet to be offloaded on the market. Related Reading: Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed? Transactions involving the Ethereum Foundations are always concerning because the non-profit organization has a reputation for selling at the top. 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. It is worth mentioning that the Ethereum Foundation has already sold over 1,700 ETH since the start of 2024 with on-chain analytics platform SpotOnChain, 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.\u00a0 Despite this development, Ethereum\u2019s outlook is very bullish, especially with Bloomberg analyst Eric Balchunas stating 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 Ash Crypto predicting that Ethereum could rise to $10,000 thanks to these Spot Ethereum ETFs.\u00a0 ETH To $10,000 Is The Most \u201cAsymmetric Bet\u201d Crypto analyst and trader Tyler Durden mentioned that the most asymmetric bet in crypto today is ETH reaching $10,000. He also highlighted Ethereum\u2019s chart against Bitcoin and suggested that ETH was ready for that big move, considering it has traded sideways for eight months.\u00a0 The analyst also suggested that the Spot Ethereum ETFs 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 Spot Ethereum ETFs approved and that they would ensure that they make money from ETH while pumping its price.\u00a0 Related Reading: Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus Meanwhile, Durden boldly asserted that money would exit the Solana ecosystem and rotate to Ethereum. He claimed that Solana has lost its \u201cmain character and driver of liquidity\u201d, which is why the money will flow into ETH. Interestingly, he mentioned that celebrities have \u201ccannibalised,\u201d which is why he believes that the capital rotation cannot happen the other way around with money moving from Ethereum to Solana.\u00a0 At the time of writing, ETH is trading at around $3,500, down in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from The Crypto Times, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":625045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,16163,1946,8953,92597,7931,6931,8686,78803],"class_list":["post-625038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-foundation","tag-ethereum-foundation-news","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?<\/title>\n<meta name=\"description\" content=\"The Ethereum Foundation is again in the news following its recent transaction involving millions of Ethereum (ETH) tokens.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-foundation-64-4-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-foundation-64-4-million\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Ethereum-foundation.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Ethereum-foundation.jpeg?fit=1792%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth news","eth price","ethereum","ethereum foundation","ethereum foundation news","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-06-17T15:00:11Z","datePublished":"2024-06-17T15:00:11Z","dateModified":"2024-06-17T15:00:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-foundation-64-4-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-foundation-64-4-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Ethereum-foundation.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Ethereum-foundation.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum foundation\",\"ethereum foundation news\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-06-17T15:00:11Z\",\"datePublished\":\"2024-06-17T15:00:11Z\",\"dateModified\":\"2024-06-17T15:00:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Ethereum-foundation.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/625038"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=625038"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/625038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/625045"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=625038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=625038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=625038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}