The perpetrator behind the infamous FTX hack, which saw the loss of $600 million in tokens almost a year ago, has reactivated their wallet. On Saturday, on-chain data identified the wallet as 0x3e957, and it revealed a recent movement of 2,500 Ethereum (ETH) in two transactions, valued at a staggering $4 million each. It marks the first activity in the address since the hack, with the wallet still holding a substantial 12.5K ETH, equivalent to $16.75 million.
Ethereum ETFs Launch Looms
Such movements often hint at selling activity, potentially impacting the price of ETH and raising concerns among smaller investors. The timing is critical as Ethereum gears up for a potential bullish trend with the impending launch of Ether-based Exchange-Traded Funds (ETFs) in the United States.
Bitwise Asset Management, America’s largest crypto index fund manager, announced the launch of two groundbreaking Ether-themed ETFs scheduled to commence trading on Monday, October 2.
The Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF will expose investors to CME Ether futures through a regulated ETF format.
Bitwise CEO Hunter Horsley expressed confidence in Ether’s growth, stating, “Ethereum now has billions in revenue, millions of users, and thousands of distinct apps and developers.” The ETFs aim to capitalize on this growth, allowing investors to participate in a regulated environment confidently.
Ethereum has witnessed significant progress in its ecosystem, with stablecoins processing over $1 trillion in Q1 2023 alone. Decentralized Finance (DeFi) applications built on Ethereum have seen a 60-fold increase in total capital deposited since 2019, reaching $40 billion today.
Bitwise CIO Matt Hougan emphasized the broader portfolio opportunities that Ether presents compared to Bitcoin, citing its low correlation to traditional equities and its characteristics as a growth asset. As Ethereum gains momentum with widespread adoption from major brands, the ETF launch could further contribute to the cryptocurrency’s upward trajectory.
Investors eagerly await the U.S. Securities and Exchange Commission’s decision on ETF approvals, with the potential for up to nine ETF products receiving accelerated approval on October 2.
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