Fun

US government transfers 300 ETH — Arkham Intelligence

News Feed - 2024-08-06 05:08:40

Vince Quill3 hours agoUS government transfers 300 ETH — Arkham IntelligenceThe 300 Ethereum coins were transferred from a wallet identified as “Noman Seleem Seized Funds” by the onchain analytics firm.2133 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAccording to Arkham Intelligence, a wallet believed to be controlled by the United States government transferred 300 Ether (ETH), valued at approximately $699,000, to a wallet address ending in “d46” on Aug. 5.


The onchain analytics firm also claimed that the funds within the wallet, which now shows a balance of $0, resulted from a US government seizure.Source: Arkham IntelligenceEthereum"s price action


This reported transfer of ETH by the United States government follows days of disappointing price action following the highly anticipated launch of Ethereum exchange-traded funds (ETFs) in the United States.


Independent analyst Crypto Lion said that ETH’s struggling price action following the ETF launch was mainly attributable to a lack of demand for the smart contract asset on exchanges.


The lack of demand coincides with a significant downturn across financial markets due to an interest rate increase by the Bank of Japan that sent the price of Ethereum tumbling further.


Related:Jump Trading’s Ether dump: Smart move or sign of trouble?A snapshot of Ethereum"s price action. Source: TradingView


Ether encountered significant selling pressure largely attributable to a handful of market makers, who unloaded approximately 130,000 ETH, valued at $290 million at the time of writing, onto the market. This caused Ether to sink to lows of around $2,100 on Aug. 5, and the digital asset continues to trade well below its 200-day exponential moving average.Ethereum ETF outflows


According to the CoinShares weekly inflows report dated Aug. 5, digital asset investment vehicles recorded their first capital outflow in four weeks.


Outflows for Ethereum investment funds and products totaled $146 million for the week, bringing the total outflow figure since the launch of the Ethereum ETF in the United States to $430 million.Flow data for digital asset investment vehicles. Source: CoinShares


CoinShares noted that the data was impacted by $603 million in outflows from Grayscale’s Ethereum Trust, which was introduced in 2017 and has seen significant outflows since the introduction of Ethereum ETFs in late July.


CoinShares analyst James Butterfill reinforced the theory that the current market downturn is primarily driven by macroeconomic factors and geopolitical tensions. This negative sentiment among investors may potentially signal a longer recovery period for ETH than was initially expected.


Magazine:Ethereum price will lag for ‘months’ as Bitcoin surges: X Hall of Flame, Roman# Altcoin# Ethereum# United States# Ethereum Price# Ethereum ETFAdd reaction

News Feed

Social Media Giant Wechat to Support China’s CBDC, Platform Expected to Boost Adoption Rate
Social Media Giant Wechat to Support China"s CBDC, Platform Expected to Boost Adoption Rate China’s social media giant, Wechat has said it will support the digital yuan in a
Whales prepare for next altcoin rally, DeFi is ‘waking up’ — Finance Redefined
Zoltan Vardai12 hours agoWhales prepare for next altcoin rally, DeFi is ‘waking up’ — Finance RedefinedCrypto whales are positioning themselves for the next “altcoin season,” while DeFi loans are seeing a resur
Fidelity Digital Assets Touts Bitcoin Credentials, As Publicly Traded Companies Now Hold Over 600,000 BTC
Fidelity Digital Assets Touts Bitcoin Credentials, As Publicly Traded Companies Now Hold Over 600,000 BTC Fidelity Digital Assets (FDA) says diversifying an inve
First Bitcoin-backed synthetic dollar to launch with 25% yield
Zoltan Vardai11 hours agoFirst Bitcoin-backed synthetic dollar to launch with 25% yieldUSDh is the first Bitcoin-native synthetic dollar with yield-generating capabilities. Is the 25% yield sustainable?5512 Total views7
Ethereum Poised For A 5-Figure Breakout – Volatility Is Shaking ‘Weak Hands’
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Indictment Order Issued Against Leaders of the Geek Group for Their Role Using BTC in an Illegal Money Transmission Business
Indictment Order Issued Against Leaders of the Geek Group for Their Role Using BTC in an Illegal Money Transmission Business A U.S. District Court has indicted t
OKX adds Uniswap API on DEX, launches gas-free trading
Ezra Reguerra7 hours agoOKX adds Uniswap API on DEX, launches gas-free tradingOKX chief innovation officer Jason Lau said that the new feature eliminates common DeFi headaches like slippage, MEV attacks and failed transa
India’s Swadeshi Jagran Manch Calls for Outright Ban on Cryptocurrency
India"s Swadeshi Jagran Manch Calls for Outright Ban on Cryptocurrency The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, has reportedly
‘Ecstasy Kingpin’ From Brockton Forfeits $2.3M in Bitcoin to Massachusetts Law Enforcement
‘Ecstasy Kingpin’ From Brockton Forfeits $2.3M in Bitcoin to Massachusetts Law Enforcement A man from Brockton, Massachusetts was sentenced to eight years in prison and forced
Billionaire Mike Novogratz Says ‘People Have Realized Crypto Is Really Popular’ — Expects Softer Stance From Lawmakers
Billionaire Mike Novogratz Says "People Have Realized Crypto Is Really Popular" — Expects Softer Stance From Lawmakers Billionaire Mike Novogratz says he is much more optimistic
Samsung is looking into new phone form factors with AI in mind: Report
Brayden Lindrea2 hours agoSamsung is looking into new phone form factors with AI in mind: ReportA Samsung executive said a successful implementation would be more “mobile” and look “radically different” from the
Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypto Lender Seeks Restructuring Advice
Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypto Lender Seeks Restructuring Advice After the crypto lending platform Celsius halted operations on June 12,