$1 Billion Ethereum Transfer Sparks Market Buzz as ETFs Launch
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On Tuesday, Whale Alert revealed a major Ethereum transfer, moving $1 billion from an undisclosed wallet to Coinbase Institutional, causing a stir in the crypto market.
Eric Balchunas, senior ETF analyst at Bloomberg, identified this as a shift from Grayscale’s ETHE to a new mini-product with competitive fees, positioning the asset manager against giants like BlackRock and Fidelity.
This development follows recent SEC approval for Ethereum ETFs, which could begin trading as early as today. Coinbase views this approval as a key industry milestone that may spur additional growth.
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BlackRock’s Jay Jacobs highlighted Ethereum’s role as a platform for decentralized applications.
Despite the buzz surrounding the ETF launch, Ethereum (ETH) is currently experiencing a decline. Additionally, a noteworthy event occurred on Monday when a dormant wallet moved 977 ETH for the first time in nine years.