Published on augustus 6, 2024, 12:28 am
Image source: Fox News
```json [ "TLDR: A wallet suspected to be US government-controlled transferred 300 Ethereum coins labeled as seized funds. Ethereum faced price struggles post-ETF launch due to low demand, market pressure led to a drop in value near $2,100. ETH investment vehicles saw outflows totaling $146 million amid macroeconomic factors and geopolitical tensions affecting the market.", "Significant move in the crypto space with 300 Ether (ETH) transferred from a US government-controlled wallet labeled as seized funds to another wallet.", "Ethereum experienced challenges in price post-ETF launch attributed to low demand and substantial selling pressure, plummeting to lows near $2,100.", "Data indicated that digital asset investment vehicles recorded capital outflow of $146 million with total outflows of $430 million since late July introduction of Ethereum ETFs.", "Analysts point to macroeconomic factors and geopolitical tensions contributing to the current market downturn affecting ETH, raising concerns about a potentially prolonged recovery period for Ethereum." ] ```
300 Ethereum coins were recently transferred from a wallet labeled as “Noman Seleem Seized Funds” by the onchain analytics firm. This significant move in the crypto space has caught the attention of many enthusiasts and investors alike.
According to Arkham Intelligence, a wallet suspected to be under the control of the United States government carried out the transfer of 300 Ether (ETH), amounting to around $699,000, to a specific wallet address ending in “d46” on August 5th. Notably, the funds within this wallet now reflect a balance of $0, reportedly stemming from a US government seizure.
Amidst this development, Ether has been facing challenges in terms of price action following the recent launch of Ethereum exchange-traded funds (ETFs) in the US. Independent analyst Crypto Lion attributed ETH’s price struggles post-ETF launch to a lack of demand for this smart contract asset across exchanges.
Furthermore, recent market dynamics have taken a toll on Ethereum’s value as it experienced substantial selling pressure from market makers offloading around 130,000 ETH (approximately $290 million) into the market. This resulted in Ether plummeting to lows near $2,100 on August 5th and continuing to trade significantly below its 200-day exponential moving average.
In line with these market movements, data from CoinShares revealed that digital asset investment vehicles recorded their first capital outflow in four weeks as Ethereum investment funds and products witnessed outflows totaling $146 million for that week alone. Since the introduction of Ethereum ETFs in late July in the US, total outflows have amounted to $430 million.
James Butterfill, an analyst at CoinShares, highlighted that macroeconomic factors and geopolitical tensions play crucial roles in driving this current market downturn affecting ETH. Consequently, there is growing concern among investors about a potentially prolonged recovery period for Ethereum compared to initial expectations amid these turbulent market conditions.
Original article posted by Fox News
