The Ethereum Foundation is in the news again after a recent deal involving millions Ethereum Tokens (ETH).. Nonprofits’ Ethereum transactions are always significant given the impact they typically have on the second-largest crypto token.

The Ethereum Foundation is donating $64.4 million worth of ETH

Crypto journalist Colin Wu revealed on X (formerly Twitter) post that a wallet (0x8e…D052) associated with the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a novel address (0x87…D812). On-chain data shows that these funds have not yet been transferred to the novel address and the ETH resources have not yet been unloaded on the market.

Transactions involving the Ethereum Foundation are always concerning because the nonprofit organization has such a reputation sells upstairs. As such, the transaction of these funds should be watched closely, given that the potential sale of these tokens could mean that the Ethereum Foundation will once again look to catch ETH at the top.

It is worth mentioning that the Ethereum Foundation has already done this sold over 1,700 ETH from the beginning of 2024 with analytical platform in the SpotOnChain chain, noting that these transactions always occurred before prices fell. Therefore, a potential price drop if this 18,089 ETH is ultimately sold is very likely.

Despite this development, Ethereum’s prospects are very positive, especially for Bloomberg analyst Eric Balchunas stating that Spot Ethereum ETFs can begin trading by July 2. These funds are expected to spark significant growth for the second-largest cryptocurrency by market capitalization, with contributions from cryptocurrency experts such as Ash Crypto predicting that Ethereum could surge to $10,000 with these Spot Ethereum ETFs.

ETH up to $10,000 is the most “asymmetric bet”

Cryptocurrency analyst and trader Tyler Durden he mentioned that the most asymmetric bet in cryptocurrencies today is ETH reaching $10,000. He also emphasized Ethereum vs. Bitcoin chart and suggested that ETH is ready for this massive move, considering its price has been trending sideways for eight months.

Analyst too he suggested That Spot Ethereum ETFs will play a huge role in Ethereum rising to this price level. He said Wall Street put a lot of effort into getting it Spot Ethereum ETFs approved and that they will ensure monetization of ETH by inflating its price.

Meanwhile, Durden he boldly stated this money will leave the Solana ecosystem and move to Ethereum. He claimed that Solana has lost its “main character and liquidity driver” and therefore money will flow into ETH. Interestingly, he mentioned that celebrities were “cannibalizing”, which is why he believes that capital rotation cannot occur in the opposite direction when moving money from Ethereum to Solana.

According to ETH data, ETH is trading around $3,500 at the time of writing, down over the last 24 hours. data from CoinMarketCap.