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A historic Ethereum address transferred over 4000 ETH to crypto exchanges Binance and Coinbase, becoming active once again. Last week, an Ethereum address from the ICO period drew attention by moving over 8,000 ETH to exchanges. This development became more evident as other ETH whale addresses also started moving their coins.
Historic Wallet Activates in Ethereum
This address is known to be from the early days of the Ethereum ICO and accumulated an incredible 820,000 ETH by 2016. Last month and earlier, the mentioned address moved a surprising $100 million worth of ETH to exchanges, creating noticeable pressure on the ETH price.
Arkham Intelligence data shows that the address with the extension 0x7d…6CF9 continues to hold approximately 22,834 ETH, valued at around $60 million at current ETH prices.
Interestingly, this transfer to exchanges occurred during a period when Ethereum whales were making moves to profit. Last month, the same ETH whale transferred approximately 40,000 ETH to crypto exchanges after realizing a strong decline in institutional interest in the altcoin market following ETFs.
During all this, Ethereum bulls have been striving for over a week to keep the price around $2,600.
Current Status of Ethereum ETFs
Amid significant developments among ETH whales and Ethereum Golem addresses, it appears there is a general exodus from spot Ethereum ETFs, which could be interpreted as a decline in institutional interest.
On August 21, Wednesday, spot Ethereum ETFs experienced their fifth consecutive negative day with an $18 million outflow. The Grayscale Ethereum ETF (ETHE) saw the largest outflow yesterday with $31 million.
More importantly, since ETHE began trading last month, it has seen over $2.5 billion in outflows, worrying investors. Most of these outflows seem to be directed towards BlackRock’s ETHA, pushing ETHA past the $1 billion mark.
Looking at the Ethereum price, it is seen trading around $2,630 after a 1% rise in the last 24 hours.
