Cryptocurrency markets had an eventful day with major transfers and significant sales. The sale made by the Ethereum Foundation, cryptocurrency phenomenon Cobie’s move regarding Lido Finance (LDO coin), and the large transfers of Maker wallets attracted investors’ attention. Here are the details of these important developments:
Ethereum Foundation Completes $200K Sale
An address belonging to the Ethereum Foundation team sold more than $300,000 worth of coins this morning. According to information provided by blockchain analysis platform Spot On Chain, the Ethereum Foundation sold 100 Ethereum for 345,179 DAI. The timing of this transaction is notable as it comes just hours before spot Ethereum ETFs are set to enter the market, thanks to approval from the U.S. Securities and Exchange Commission (SEC). Spot exchange-traded funds (ETFs) have been one of the main drivers of Bitcoin’s price rally this year, and analysts predict that Ethereum could reach $6,500 thanks to these investment vehicles.
The Ethereum Foundation has sold 2,366 Ethereum for a total of 6.9 million DAI since the beginning of the year, with an average value of $2,916 per unit. The previous sale was made on July 2. Similarly, a wallet associated with the Ethereum Foundation or the Ethereum ICO recently transferred 3,200 Ethereum worth $11.2 million to the Kraken exchange. Ethereum, the largest cryptocurrency after Bitcoin, held its ICO 10 years ago, on July 22, 2014. According to Cy Li, director of the University of Ethereum, Ethereum founders Joe Lubin and Vitalik Buterin will celebrate the project’s anniversary at the EDCON 2024 event in Tokyo.
Cobie sold LDO coins
Cryptocurrency phenomenon Cobie (@cobie) made a significant move for Lido Finance (LDO) on July 23. According to data from on-chain analytics platform Lookonchain, Cobie transferred 3.64 million LDO worth $6.69 million to the Wintermute OTC wallet. Cobie purchased 7.5 million LDO worth $13.87 million from the Lido team on December 17, 2020.
Cobie’s sale during the US-based spot Ethereum ETF launch process did not go unnoticed by the market, and investors began to discuss what kind of signals this move gave about the future of the market. Lido Finance (LDO) holds an important place in the world of decentralized finance (DeFi) and offers its users Ethereum staking service. LDO’s price movements and the moves of large investors on this token indicate that developments in the DeFi space should be followed closely. According to CoinGecko data, LDO, which has decreased by 4% in the last 24 hours, is trading at $1.79 at the time of writing.
Large transfers from Maker wallets
Wallets associated with the altcoin team attracted attention by making transfers worth millions of dollars. According to information provided by on-chain analysis platform Lookonchain, Maker-related wallets transferred 1,400 MKR worth $3.85 million to Binance on July 23. After the transaction, 3,776 MKR worth $10.4 million remained in Maker-related wallets. Such large transactions always attract great interest in cryptocurrency markets, and investors try to understand the possible strategies behind them and shape their own investment decisions. The dynamic and rapidly changing structure of cryptocurrency markets requires close monitoring of such developments. According to CoinGecko data, MKR, which has decreased by 5% in the last 24 hours, is traded at $2,692 at the time of writing.
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