In a notable transfer that has caught the eye of the crypto neighborhood, the U.S. authorities transferred an enormous Ethereum (ETH) reserve on Monday, July 1. The switch has sparked speculations round a possible ETH selloff, which may mirror the downtrend Bitcoin (BTC) suffered amid selloffs by German and U.S. governments. Moreover, the anticipated launch of Spot Ethereum ETFs this month additional fuels such considerations.
U.S. Government Shifts Ethereum Reserve
According to Arkham Intelligence, the U.S. authorities just lately transferred 3,375 Ethereum. This reserve, valued at roughly $11.75 million, was shifted to an unidentified handle on Monday. The timing of the switch is especially vital because it comes forward of the anticipated approval of the Spot Ether ETF S-1 filings.
Last week, the U.S. Securities and Exchange Commission (SEC) returned these filings to main candidates together with BlackRock, Fidelity, and VanEck. Hence, analysts predict that candidates may submit additional S-1 amendments this week. Meanwhile, they’ve supplied a possible approval date for mid-July.
The motion of such a considerable quantity of Ethereum earlier than these key occasions has led to considerations that the U.S. authorities is perhaps making ready to capitalize on the Ethereum ETF S-1 approval information. In case the federal government sells its Ethereum holdings, it may adversely affect the ETH value identical to it did for Bitcoin.
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