The Ethereum Foundation was found to have just sold 100 ETH, based on one transaction on Tuesday. The move raised questions in the crypto community as the foundation sold the crypto asset ahead of the listing and trading of the spot Ethereum ETF today. Traders did not immediately respond to the sale by the foundation.
This week looks to be a big one for Ethereum with the spot Ether ETF scheduled to launch today. However, wallets associated with the Ethereum Foundation sold the crypto asset before the launch of the ETF.
In an important development on July 23, the Ethereum Foundation sold 100 ETH for 345,179 DAI. Notably, this transaction occurred prior to the start of today's spot Ethereum ETF trading. Traders await further clues as institutions continue to send ETH to other crypto exchanges or wallets.
According to on-chain data platform Spot On Chain, the Ethereum Foundation has sold 2,366 ETH for 6.9 million DAI stablecoins this year. The last sale of ETH by this foundation was recorded on July 2nd. Investors panicked due to selling by wallets linked to foundations, but overall sentiment remained positive.
Additionally, the wallet address “0xdb3” associated with the Ethereum Foundation or Ether ICO transferred 3,200 ETH worth $11.2 million to Kraken. Grayscale also transferred $1 billion in Ethereum to Coinbase prior to the launch of the spot Ethereum ETF.
The US Securities and Exchange Commission (SEC) has issued an effective notice of S-1 application for all spot Ethereum ETFs. Issuers including iShares from BlackRock, Fidelity, Franklin Templeton, Bitwise, VanEck, 21Shares, Invesco Galaxy, and Grayscale are scheduled to begin trading today.
Grayscale Ethereum Trust (ETHE) and BlackRock ETF (ETHA) saw heavy trading activity in the pre-market hours.
ETH price is up 0.50% in the last 24 hours, with the price currently trading at $3,505. The 24-hour low and high prices were $3,425.80 and $3,539.53, respectively. Furthermore, trading volume increased by 40% in the last 24 hours, indicating increased interest among traders.