Jul 23, 2024 14:49 UTC
| Updated:
Jul 23, 2024 at 14:49 UTC
On-chain activity shows early ETH investors moving large funds to the Kraken exchange as the launch of Spot Ethereum ETFs approach. This bearish activity has sparked concerns for the ETH price ahead of Spot Ethereum ETFs hitting the market. Meanwhile, investors remain unwavering on ETFSwap (ETFS) presale as market activity shows continued purchases for early adopters.
Leveraging Spot Ethereum ETFs For Early Gains
Spotonchain reported two Genesis wallets moving 3,600 ETH tokens to the Kraken exchange. Genesis wallets, meaning that these wallets mostly acquired their Ethereum (ETH) in the ICO stage and are usually whale addresses. This move counteracts expected market trends, especially as insider sources say that the Spot Ethereum ETFs will launch on July 23.
According to Spotonchain, both wallets moved exactly 3631 ETH worth about $12.5 million to the US-based exchange Kraken. The first wallet, “0xbdb3,” accounts for moving 2,631 and had previously received most of its funds from another wallet, “0xAb0′, which is an early Ethereum (ETH) ICO participant. The participant has reportedly moved 17,886 ETH worth $65 million to centralized exchanges since June 8.
The second wallet, “0xAb0,” had reportedly moved 1000 ETH worth $3.46 million to Kraken, funds also received from another ICO participant ‘0x510’. This other ICO participant initially received 100,000 ETH tokens in 2015, but his holdings have been shaved down to 49,000, worth about $170 million as of this writing.
It’s surprising for crypto analysts that these sell-offs are happening amid the excitement for spot Ethereum ETFs. The ETH price is predicted to outperform Bitcoin (BTC) once spot Ethereum ETFs begin live trading, and confident investors continue to bet toward that sentiment. As of this writing, Ethereum (ETH) is trading at $3,402.15, which is almost a 10% increase over the past week following rumors discussing the launch of spot Ethereum ETFs.
Early Investors Target Life-Changing Profits On ETFSwap (ETFS) Presale
ETFSwap (ETFS) is a new Ethereum-based platform aiming to deliver the ETF market onchan via tokenized ETFs. This means investors can trade and invest in ETF assets directly from the blockchain platform. Compared to trading the assets directly on centralized markets, ETFSwap (ETFS) has more flexibility and other benefits.
Some of these include fast settlements, 24/7 trading, quick crypto-to-ETF swaps, staking, and lending opportunities. The new ETF trading platform operates as a bridge between centralized and decentralized market dynamics. Moreover, investors will be able to use ETFSwap (ETFS) without providing KYC information, eliminating a significant hindrance for investors who prefer to maintain anonymity.
Amid the progression of Spot Ethereum ETFs and the growing popularity of ETFs, ETFSwap (ETFS) emerges as a first-mover without any competition with a comparable offering. This puts early investors in a unique position for maximum gains towards launch and way beyond.
Furthermore, ETFSwap (ETFS) will facilitate advanced trading of ETFs and cryptocurrencies. The Ethereum-based platform will provide tools, real-time market data, market-making opportunities, and up to 50x leverage in future trading. Some significant tools early adopters have eyes on are the AI-powered ETF Screener and ETF Finder, which provide recommendations based on machine learning.
Reputable blockchain security firm SolidProof recently announced that the ETFSwap (ETFS) team had passed individual KYC verification, and the project ownership has been verified. This added credence has spurred the presale onto new heights, with the beta platform launch ahead.
Conclusion
Market analysts believe that the sell-off activity on Ethereum (ETH) does not have a negative effect on the altcoin. It’s simply a case of early investors taking profit, and this opportunity is available for investors who bet early on ETFSwap (ETFS) presale. Spot Ethereum ETFs are expected to be a massive success, and ETFSwap (ETFS) is poised to benefit heavily from the traction.
Secure your early entry on the ETFSwap (ETFS) presale now at $0.01831 before the price increases to $0.03846 in the next stage.
For more information about the ETFS Presale:
Clark
Head of the technology.
#Press Release
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