Benzinga - An Ethereum (CRYPTO: ETH) address that stood inactive for eight and a half years sprang to life as it transferred 2000 ETH, worth approximately $506,140, Etherscan data confirms.
What Happened: The reactivated wallet held ETH that cost between $0.42 to $1.39 back when the cryptocurrency was in its early days.
This comes amid optimism regarding the potential of an ETH exchange-traded fund (ETF). ETH is up 17% in the last seven days, trading at $2,511. This means the price of ETH has increased by approximately 180,558.27% from its mining days.
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Why It Matters: Larry Fink, the CEO of BlackRock, said in his recent interview with CNBC. “I see value in having an Ethereum ETF. As I said, these are just stepping stones towards tokenization."
Vance Spencer, a crypto venture capitalist with roots in Netflix, outlines several key achievements he believes the blockchain industry could hit within the next couple of years. He took to his X platform, to share insights on what’s imminent: the fourth Bitcoin (CRYPTO: BTC) halving, the sanctioning of an Ethereum ETF, and a surge in the institutional embrace of cryptocurrencies by 2024. He said that the path of crypto at this juncture should be approached as “a marathon, not a sprint.”
Someone asked me whats next todayA few things
– Halvening, ETH ETF, increasing instutional adoption
– DeFi earnings and revenues scare superlinearly with price. At least two will have $1bn in revenue in next 24 months
– Games bring 100M people into crypto in 2024/2025
– An…
— Vance Spencer (@pythianism) January 12, 2024
However, the path to approval may not be hurdle-free. TD Cowen, an investment bank, suggests that the SEC is likely to stall any decision on Ethereum ETFs, at least until the May approval deadline.
Price Action: At the time of writing, BTC was trading at $42,544 down 0.41% in the last 24 hours, according to Benzinga Pro.
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