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Ethereum Foundation On ETH Selling Spree, What’s Happening?

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6 months ago

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The Ethereum Foundation has been actively selling off its holdings of Ethereum (ETH) over the past few weeks. This move has raised eyebrows and speculations within the crypto community. Moreover, Ether’s sluggish performance at $3,300 after the ETF launch is also a matter of comcern.

Ethereum Foundation’s ETH Offloading Spree

According to data from Arkham Intelligence, a Ethereum Foundation-associated address (0xd7…c1f4) recently dumped 150 ETH through the Cow Protocol, exchanging it for 497,250 DAI. This transaction, which took place at 05:21 a.m. EST today, follows a pattern observed since the beginning of the year.

The same address has been consistently selling Ethereum for DAI almost every few weeks in amounts ranging from 50 to 200 ETH. Moreover, last week also saw intense dumping by the Ethereum Foundation. On July 26, blockchain analytics firm Lookonchain reported that an Ethereum Foundation wallet transferred 92,500 ETH, worth approximately $294.9 million.

The shift was made to a new wallet for the first time in nearly 6.6 years. This wallet originally received ETH from the Ethereum Foundation on September 1, 2015. Hence, the latest transfer adds to the uncertainty of ETH selloffs by the institution.

Additionally, on July 23, the Ethereum Foundation sold 100 ETH for 345,179 DAI. This transaction coincided with the start of trading for Spot Ethereum ETFs, further fueling market speculation. Moreover, the recent sell-offs by the Ethereum Foundation have sparked discussions about potential downward pressure on ETH price.

Also Read: BlackRock Ethereum ETF Crosses $600 Million Inflows In A Week

ETH ETF Outflows & FOMC Meeting

Despite these significant transactions, the market has shown resilience. The ETH price is holding tight on the $3,300 level after a dramatic drop earlier this month. However, for a bullish trend to take hold, ETH needs to cross the $3,500 mark and sustain a rally toward $4,000.

Since the second day of debut, the Ethereum ETFs witnessed net outflows owing to Grayscale’s ETHE. However, in a positive development for the market, the Grayscale ETHE ETF outflows have slowed. Meanwhile, the newly launched Spot Ethereum ETFs recorded net inflows of $33.7 million on Tuesday July 30. BlackRock led the charge with $118 million influx.

These inflows provided a much-needed boost to optimism around ETH price, which had been lagging behind Bitcoin (BTC) for the past month. Amid these developments, QCP Macro’s analysis provides crucial insights into the broader market context.

Looking ahead, QCP anticipates increased volatility ahead of today’s Federal Open Market Committee (FOMC) meeting. They do not expect a rate cut and place higher importance on the accompanying statement and Fed Chair Jerome Powell’s press conference. QCP’s base case is for one rate cut in both September and December. However, any deviation from these expectations could trigger risk-off moves across all asset classes, including cryptocurrencies.

Moreover QCP notes the positive impact of the net inflows into Spot Ether ETFs but they foresee continued outflows from ETHE over the next two weeks. Hence, they recommended maintaining a preference for ETH longs as ETHE outflows subside and ETH catches up to BTC. Their target is a break above $4,000, which represents the 2024 high.

Also Read: Franklin Templeton Eyes Solana as Next Crypto ETF Offering

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Kritika Mehta

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Altcoins ETF Filings, US FOMC, & Elon Musk’s DOGE Push

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11 minutes ago

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February 2, 2025

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The crypto market this week has concluded on a high note with several developments. Some of them stood out, like the launch of Bitcoin Miners ETF along with other altcoins ETF filings. Further, the U.S. FOMC happened this week and was able to offer clarity about what the cryptocurrency community can expect in terms of investments or price fluctuations. Meanwhile, Elon Musk pushed for DOGE, triggering speculation that the meme coin could rally by 900%.

Here’s a brief report of some of the most buzz-worthy market updates reported by CoinGape Media in the last week.

Crypto Market Updates: Bitcoin Miners ETF and Other Altcoins ETFs Filings

Grayscale Bitcoin Miners ETF

Grayscale helmed the launch of Bitcoin Miners ETF, ticker MNRS, with the aim to boost BTC mining and related ecosystems. The asset management firm, with MNRS, has enabled investors to gain passive exposure by allocating a portion of their portfolios to companies that comprise the Indxx Bitcoin Miners Index. David LaValle, Global Head of ETFs at Grayscale, talked about the launch of MNRS and acknowledged that Bitcoin miners were the backbone of the network.

Filings for XRP, Polkadot and Other Crypto ETFs

Also, Grayscale made another major development this week by filing for spot XRP ETF with NYSE. Grayscale is aiming to convert its XRP trust into ETF, which will be listed and traded on the New York Stock Exchange. The asset manager earlier filed for Litecoin ETF with the US SEC.

21Shares filed S-1 Registration with the US SEC for Polkadot ETF approval. If approved, this would be one of the first ETFs for the Polkadot ecosystem. The US SEC also cleared dual Bitcoin and Ethereum holding by Bitwise ETF.

US FOMC Interest Rate Update

The US FOMC two-day meeting concluded with the no rate cut and cautious outlook by the US Fed. It is now expected that the Federal Reserve will hold the current rate still for most of the year. The effective interest rate is in the range of 4.25% and 4.50% after the favorable vote of all twelve members of the committee. Interstingly, traders had predicted an unchanged rate which happened despite Donald Trump seeking rate cuts from authorities.

An unchanged interest rate by the US Federal Reserve aims to control inflation amid heavy speculation of the implementation of high tariffs and craft a better outlook for the economy. A lower interest rate enables investors to set aside a larger allocation to riskier investments in crypto. Nevertheless, overall sentiments are bullish, with MicroStrategy acquiring more BTC and asset managers filing for more ETFs with the US SEC.

Elon Musk Pushes for DOGE

Department of Government Efficiency Hints At Targeting US Debt

Tesla CEO Elon Musk pushed for DOGE by outlining that he plans to cut unnecessary spending by the Federal Government. An official announcement has highlighted that the Department of Government Efficiency was able to save almost $1 billion a day. DOGE is now targeting a $36 trillion US debt. The ticker symbol of the department has in turn brought attention to the meme coin, Dogecoin, as it is linked to D.O.G.E. The meme coin is speculated to rally by almost 900% in the future.

MuskIt and Dogecoin Meme Crypto

That being said, Elon Musk’s father Errol Musk made it to the headlines by emphasizing his plan to raise $200M by capitalizing on the MuskIt coin, a meme coin that shares their family name. Funds that he raises will be allocated to the Musk Institute, a for-profit think tank. MUSKIT coin, after this development, skyrocketed by 262.73% in 24 hours and its 24-hour trading volume surged by 7723.53%.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Top Analyst Predicts XRP Price Surge To $70, Here’s How

Published

10 hours ago

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February 1, 2025

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XRP’s price is gaining attention as analysts predict a possible surge to $70. Market experts suggest that if the cryptocurrency follows historical patterns and technical indicators, it could reach new highs in the future.

XRP Market Cap Could Reach Trillions

Crypto analyst EGRAG CRYPTO has projected in an X post that XRP’s market capitalization could rise significantly. This analysis follows a recent projection by attorney John Deaton predicting that XRP may surpass Ethereum in market capitalization.

According to the analysis, XRP’s market cap might hit $300 billion in the near future, pushing the price between $5 and $6. If the asset follows past cycles, the first stage could reach $1.1 trillion, potentially driving XRP’s price to $20.

The analysis also suggests that if XRP maintains its upward trend, the market cap could eventually grow to $4 trillion.

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If this scenario unfolds, XRP’s price may rise to approximately $70. However, timing such a move remains uncertain due to market volatility and external economic factors.

Historical Performance in February

Data from Cryptorank shows that XRP has historically experienced mixed performance in February. Since 2014, the cryptocurrency has ended the month in positive territory only four times. Its highest recorded February gain was in 2022, when it rose by 26.3%. Other positive years included 2016, 2019, and 2024, with gains of 23.8%, 1.13%, and 17.1%, respectively.

On the other hand, XRP has recorded an average monthly return of -3.00% for February, indicating a tendency for losses during this period.

The worst February decline occurred in 2014, when the price dropped by 33.4%. Despite past trends, analysts believe that broader market conditions and increased adoption could support a positive performance this year.

XRP’s Price Breakout Looming? 

XRP price has recently broken out of a long-term descending channel, signaling strong bullish momentum. Analysts highlight that the cryptocurrency’s ability to hold above key support levels could further validate an upward trend.

EGRAG CRYPTO’s analysis indicates that XRP has surpassed the crucial $1.83 resistance level, which now serves as a support zone. This breakout follows years of consolidation, suggesting a shift in market sentiment. At the time of the analysis, XRP was trading at approximately $2.083, marking a 48.01% gain for the month.

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Concurrently, further upside potential exists, with projections indicating a possible move toward $4.50 if bullish momentum continues. However, if XRP fails to sustain its breakout, a retest of lower levels, including the $1.83 support, could occur.

Market watchers also note a “Val Hell” zone near $0.4929, which has historically acted as a bearish control area. Despite this caution, XRP remains well above this level, suggesting a strong position for continued upward movement.

Current XRP Price Trends and Market Outlook

At the time of writing, XRP price is trading at $2.9725, showing a slight decline of 3.48% over the past day. Analysts have noted that the cryptocurrency has found strong support around $3.0073, suggesting the potential for a bullish reversal.

Crypto analysts have also identified key resistance levels, with a breakout above $3.0549 possibly pushing XRP toward $4.

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Additionally, market observers have pointed out a pattern similar to previous price movements, indicating that XRP may be nearing the end of a falling wedge formation. If this pattern continues, the next target could be around $4.77.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Forecasts Cardano Price Could Hit $1.40 After Consolidation

Published

12 hours ago

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February 1, 2025

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Cardano (ADA), a leading proof-of-stake cryptocurrency, has been undergoing a consolidation phase over the last two months. Market analysts are optimistic about ADA’s price potential, highlighting a possible 40% increase to $1.40 by March 2025. This prediction is based on the symmetrical triangle pattern on ADA price charts, suggesting a breakout and crypto rally.

Will Cardano Price Surge 40%? Analysts Predict $1.40 Price Target

Analyst Ali Martinez recently analyzed Cardano price movements and shared insights via social media platforms. According to Martinez, the formation of a symmetrical triangle on ADA’s four-hour chart could indicate a strong upward movement. This technical pattern and increasing investor interest suggest a bullish outlook for ADA.

Additionally, Cardano (ADA) has shown strong resilience in past market cycles, breaking through key resistance levels and achieving impressive price surges. Its previous rally beyond $2.77 reinforced optimism among traders and investors. Analysts now point to historical trends as a foundation for future price action, suggesting that ADA could replicate similar breakouts.

Analyst Javon Marks has supported the bullish predictions, recently highlighting key levels from previous cycles. Notably, $1.33 and $2.50 have been identified as crucial resistance zones that could dictate ADA’s next major move. If the price breaks above these levels with strong volume, it could pave the way for a run toward $5 and $7 beyond. 

Moreover, Cardano network has seen significant enhancements with the introduction of the Plomin hardfork. This upgrade is part of the ongoing efforts to achieve 100% decentralization and improve scalability. Such developments enhance the network’s functionality and boost investor confidence in ADA’s future.

Increased Investor Confidence

The open interest in ADA has witnessed a substantial increase, with $1.31 billion tied up in futures trading. This surge in open interest reflects growing investor confidence in Cardano. The heightened activity indicates that investors are optimistic about Cardano price trajectory heading into 2025, betting on its ability to surpass the $1 price mark amid crypto rally.

More so, a recent Coingape report highlighted the Cup & Handle formation, pointing to a potential crypto rally. This bullish pattern suggests that Cardano price could break above key resistance levels, setting the stage for further gains. If the breakout is confirmed, analysts anticipate an initial surge to $1.30, with a possible extension toward $1.796.

At press time, ADA is trading at $0.9313, reflecting a 3% decline over the past 24 hours. The market cap has dropped to $32.76 billion, while trading volume sits at $571.8 million.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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