Ethereum Soars Past $3,800: A Breakout With A Twist

Ethereum’s price has burst out of its channel, surging above $3,800 in a remarkable move. However, a closer look reveals a intriguing development.

The Ethereum Foundation, the organization behind the cryptocurrency, has transferred 35,000 ETH (worth $94.07 million) to Kraken Deposit, sparking speculation about its intentions.

According to Arkham, Ethereum Foundation (0xde0) transferred 35,000 ETH to Kraken Deposit (0xd86), worth about $94.07 million. The foundation should be selling coins for daily expenses. https://t.co/sflRHzkE6C

— Wu Blockchain (@WuBlockchain) August 24, 2024

While the foundation likely needs to liquidate some assets for daily expenses, its wallet still holds an impressive $840 million in cryptocurrencies, including 273,776 ETH and 31,015 WETH. This raises questions about the foundation’s plans and the potential impact on Ethereum’s price.

Meanwhile, Ethereum spot ETFs have experienced a notable outflow, with a total net outflow of $5.6976 million on August 23, followed by seven consecutive days of negative flows. Grayscale’s ETHE ETF saw an outflow of $9.7656 million, while VanEck’s ETHV ETF recorded a modest inflow of $2.0063 million. The total net asset value of Ethereum spot ETFs now stands at $7.652 billion.

Ethereum spot ETF had a total net outflow of $5.6976 million on August 23, and continued net outflow for 7 consecutive days. Grayscale ETF ETHE had an outflow of $9.7656 million, and VanEck ETF ETHV had an inflow of $2.0063 million. The total net asset value of Ethereum spot ETF…

— Wu Blockchain (@WuBlockchain) August 24, 2024

As Ethereum’s price continues to rise, investors are left wondering about the driving forces behind this breakout. Is it a genuine surge in demand, or is the Ethereum Foundation’s transfer playing a role? Only time will tell.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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