Earlier this Thursday, Whale Alert sent shockwaves across the crypto market with a $1 billion Ethereum transfer that was sent from an unknown wallet to Coinbase Institutional.
According to Eric Balchunas, Bloomberg’s senior ETF analyst, this is a transfer from Grayscale’s ETHE to its mini-product. The latter will have ultra-competitive fees that will allow the crypto asset manager to compete with the likes of BlackRock and Fidelity.
That is a new variable that market participants did not have in the Bitcoin ETF race that started in January.
According to Coinbase, the approval of Ethereum ETFs marks “another important milestone” for the industry, helping to catalyze further growth.
Jay Jacobs, the U.S. Head of Thematic and Active ETFs at BlackRock, praised Ethereum’s utility, pitching it as a global platform for decentralized applications.
Ethereum (ETH) is currently trading in the red despite the upcoming ETF launch, according to CoinStats data.
On Monday, a rare Ethereum transfer took place, with a dormant wallet transferring 977 ETH for the first time in nine years.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.