A dormant Ethereum address containing 977 ETH tokens was activated for the first time in nine years, according to Whale Alert.
The activation comes on the cusp of the much-anticipated launch of multiple spot Ethereum exchange-traded funds (ETFs) in the United States.
According to prominent ETF analyst James Seyffart, these products are expected to go live on July 23. "We expect them to begin trading tomorrow. That means we should see a bunch of filings on the SEC site today that say the ETFs' prospectuses have gone "effective". Likely after or around market close," Seyffart said in a social media post.
Tomiwabold OlajideIt is now clear whether the awakening of the ancient Ethereum address is somehow linked to the much-anticipated event. That said, all eyes are expected to be on the flagship altcoin this Tuesday.
Notably, this is the first time that a dormant Ethereum address has been activated this month. In June, a dormant pre-mine address containing a whopping 6,000 ETH came out of dormancy. Two pre-mine Ethereum addresses were also activated in May.
The U.S. Securities and Exchange Commission made a stunning U-turn in May by greenlighting several Ethereum ETFs from such issuers as BlackRock, Fidelity, and Grayscale. Now that the two-stage approval process is over, these products are ready to record their first inflows that will be widely tracked within the cryptocurrency industry. With that being said, there is a lot of uncertainty surrounding the size of these inflows. If these ETFs underperform, it could end up being a significant bearish catalyst (and vice versa).
According to CoinGecko data, Ethereum is currently trading at $3,467 after dipping by 1.1% over the past 24 hours.
Vladislav Sopov
Dan Burgin