ETH Foundation Wallets Moving Large Amounts of ETH
According to on-chain data provider Santiment, the Ethereum foundation wallets have moved a total of 110,000 ETH in the past three days, worth over $400 million. This movement was noted after the approval of the first spot Ether ETF by the US Securities and Exchange Commission (SEC).
Ethereum ETF Approval: A Sell-the-News Event
The approval of the first spot Ether ETF by the SEC was highly anticipated by the crypto community. However, the price of ETH has dropped by over 5% since the news broke out. This is a classic "buy the rumor, sell the news" scenario.
What's Next for ETH?
Many analysts believe that the recent drop in ETH price is just a temporary setback and that the cryptocurrency will continue to rise in the long term. With the upcoming London hard fork and the transition to the proof-of-stake consensus mechanism, the fundamentals of Ethereum remain strong. Investors and traders are advised to keep a close eye on the price and market sentiment before making any decisions.
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ETHUSD, ETHBTC, ETHUSDT
Sentiment Result : Negative
