Ethereum
What is going on? By U.Today
U.Today – Recent reports from crypto journalist Colin Wu reveal a large transaction involving (ETH), worth $64.4 million. The funds were transferred from an account previously associated with the Ethereum Foundation, identified as “0x8e23,” to a newly created address, “0x8798.”
The initial transaction in which the Ethereum Foundation sent 44,167 ETH, then worth $40,930, to “0x8e23” took place nine years ago, on November 20, 2015. As of now, this amount of Ethereum is equivalent to $154.58 million.
This is not the first time that one of the key entities associated with the leading altcoin token has sold its ETH. However, this is one of the largest in recent times, with recent cases not exceeding 100 ETH, or $350,000.
At one point, Vitalik Buterin, the founder of Ethereum, justified these sales by the need to cover the operating costs of the organization or charity. The question remains whether the possible sale of ETH worth tens of millions of dollars is justified by such a need.
Ethereum (ETH) Price Outlook
Meanwhile, the price of the leading altcoin continues to torment traders in the range of $3,400 to $3,900, and it still will not reach its all-time high at $4,868.
Uncertainty is added by the low liquidity summer market and confusion with dates related to the approval of Ethereum spot ETFs. However, experts expect the situation to be resolved soon.