Spot Ethereum ETFs Crash Looming? Genesis Era Wallet Deposits 3,600 ETH To Kraken Exchange

By Clark

On-chain
activity
shows
early
ETH
investors
moving
large
funds
to
the
Kraken
exchange
as
the
launch
of
Spot
Ethereum
ETFs
approach.
This
bearish
activity
has
sparked
concerns
for
the
ETH
price
ahead
of
Spot
Ethereum
ETFs
hitting
the
market.
Meanwhile,
investors
remain
unwavering
on


ETFSwap
(ETFS)

presale
as
market
activity
shows
continued
purchases
for
early
adopters.

Leveraging
Spot
Ethereum
ETFs
For
Early
Gains

Spotonchain

reported
two
Genesis
wallets
moving
3,600
ETH
tokens
to
the
Kraken
exchange.
Genesis
wallets,
meaning
that
these
wallets
mostly
acquired
their
Ethereum
(ETH)
in
the
ICO
stage
and
are
usually
whale
addresses.
This
move
counteracts
expected
market
trends,
especially
as
insider
sources
say
that
the
Spot
Ethereum
ETFs
will


launch

on
July
23.

According
to
Spotonchain,
both
wallets
moved
exactly
3631
ETH
worth
about
$12.5
million
to
the
US-based
exchange
Kraken.
The
first
wallet,
“0xbdb3,”
accounts
for
moving
2,631
and
had
previously
received
most
of
its
funds
from
another
wallet,
“0xAb0′,
which
is
an
early
Ethereum
(ETH)
ICO
participant.
The
participant
has
reportedly
moved
17,886
ETH
worth
$65
million
to
centralized
exchanges
since
June
8.

The
second
wallet,
“0xAb0,”
had
reportedly
moved
1000
ETH
worth
$3.46
million
to
Kraken,
funds
also
received
from
another
ICO
participant
‘0x510’.
This
other
ICO
participant
initially
received
100,000
ETH
tokens
in
2015,
but
his
holdings
have
been
shaved
down
to
49,000,
worth
about
$170
million
as
of
this
writing.

It’s
surprising
for
crypto
analysts
that
these
sell-offs
are
happening
amid
the
excitement
for
spot
Ethereum
ETFs.
The
ETH
price
is
predicted
to
outperform
Bitcoin
(BTC)
once
spot
Ethereum
ETFs
begin
live
trading,
and
confident
investors
continue
to
bet
toward
that
sentiment.
As
of
this
writing,


Ethereum
(ETH)

is
trading
at
$3,402.15,
which
is
almost
a
10%
increase
over
the
past
week
following
rumors
discussing
the
launch
of
spot
Ethereum
ETFs.

Early
Investors
Target
Life-Changing
Profits
On
ETFSwap
(ETFS)
Presale

ETFSwap
(ETFS)

is
a
new
Ethereum-based
platform
aiming
to
deliver
the
ETF
market
onchan
via
tokenized
ETFs.
This
means
investors
can
trade
and
invest
in
ETF
assets
directly
from
the
blockchain
platform.
Compared
to
trading
the
assets
directly
on
centralized
markets,
ETFSwap
(ETFS)
has
more
flexibility
and
other
benefits.

Some
of
these
include
fast
settlements,

24/7
trading,
quick
crypto-to-ETF
swaps,
staking,
and
lending
opportunities.
The
new
ETF
trading
platform
operates
as
a
bridge
between
centralized
and
decentralized
market
dynamics.
Moreover,
investors
will
be
able
to
use
ETFSwap
(ETFS)
without
providing
KYC
information,
eliminating
a
significant
hindrance
for
investors
who
prefer
to
maintain
anonymity.

Amid
the
progression
of
Spot
Ethereum
ETFs
and
the
growing
popularity
of
ETFs,
ETFSwap
(ETFS)
emerges
as
a
first-mover
without
any
competition
with
a
comparable
offering.
This
puts
early
investors
in
a
unique
position
for
maximum
gains
towards
launch
and
way
beyond.

Furthermore,


ETFSwap
(ETFS)

will
facilitate
advanced
trading
of
ETFs
and
cryptocurrencies.
The
Ethereum-based
platform
will
provide
tools,
real-time
market
data,
market-making
opportunities,
and
up
to

50x
leverage

in
future
trading.
Some
significant
tools
early
adopters
have
eyes
on
are
the
AI-powered
ETF
Screener
and
ETF
Finder,
which
provide
recommendations
based
on
machine
learning.

Reputable
blockchain
security
firm


SolidProof

recently
announced
that
the
ETFSwap
(ETFS)
team
had
passed
individual
KYC
verification,
and
the
project
ownership
has
been
verified.
This
added
credence
has
spurred
the
presale
onto
new
heights,
with
the
beta
platform
launch
ahead.

Conclusion

Market
analysts
believe
that
the
sell-off
activity
on
Ethereum
(ETH)
does
not
have
a
negative
effect
on
the
altcoin.
It’s
simply
a
case
of
early
investors
taking
profit,
and
this
opportunity
is
available
for
investors
who
bet
early
on


ETFSwap
(ETFS)
presale.
Spot
Ethereum
ETFs
are
expected
to
be
a

massive
success,
and
ETFSwap
(ETFS)
is
poised
to
benefit
heavily
from
the
traction.

Secure
your
early
entry
on
the
ETFSwap
(ETFS)
presale
now
at

$0.01831

before
the
price
increases
to
$0.03846
in
the
next
stage.

For
more
information
about
the
ETFS
Presale:

Visit
ETFSwap
Presale

Join
The
ETFSwap
Community

Clark

Head
of
the
technology.