Ethereum

Bank

United

Arkham

Lido Staked ETH

According to Arkham Intelligence, a wallet believed to be controlled by the U.S. government transferred 300 Ether (ETH), valued at approximately $699,000, to a wallet address ending in “d46” on August 5.&nbsp; 
This transfer is similar to a recent transaction made by the U.S. government on July 30 especially from seized assets, as the wallet now shows a balance of zero. 
The timing of this transfer also coincides with a volatile period for <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> as the cryptocurrency dropped by 10% in the last 24 hours. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeYpUoDMuoFsIucK9QhwWeHG2Xhr3zjnrZU1sb1l6j5rj_t3DJRpBDOJmPPzADmCKerjdcfyCHrQSMNDNF_XuP0gW0CMlqMP3sXj6x8tcTKoTyJCyAZkWvRbbPSaie_mpWaYIJ-z1fE1QdZulRoPv7ng7DE?key=ydXdOGkCW5GKPjnB4e2PGw" alt="AD 4nXeYpUoDMuoFsIucK9QhwWeHG2Xhr3zjnrZU1sb1l6j5rj t3DJRpBDOJmPPzADmCKerjdcfyCHrQSMNDNF XuP0gW0CMlqMP3sXj6x8tcTKoTyJCyAZkWvRbbPSaie mpWaYIJ z1fE1QdZulRoPv7ng7DE?key=ydXdOGkCW5GKPjnB4e2PGw">
 <figcaption class="wp-element-caption">
 Image Source: <a href="https://platform.arkhamintelligence.com/explorer/tx/0x74933c52698c1568f9e8aa2961e99566c2de9d9c1faf07cd8de8511ac368f545" target="_blank" rel="noreferrer noopener nofollow">Arkham</a>
 </figcaption>
</figure> 
Independent analyst Crypto Lion noted that Ethereum’s recent price dip is due to a lack of demand on exchanges, even after the launch of Ethereum exchange-traded funds (ETFs) in the U.S.&nbsp; 
Moreover, an interest rate cut by the Bank of Japan has contributed to a financial market downturn, pushing Ethereum’s value further down. On August 5, Ethereum hit a low of around $2,100, following a massive sell-off from Jump Crypto after liquidating over $377 million worth of Wrapped Lido Staked ETH (wstETH) from July 24. According to a <a href="https://www.cryptotimes.io/2024/08/05/ethereum-plunges-as-jump-trading-sells-off-amid-market-volatility/" target="_blank" rel="noreferrer noopener">recent report</a>, the firm is also planning to sell $481 million worth of wstETH<a href="https://www.cryptotimes.io/2024/08/05/ethereum-plunges-as-jump-trading-sells-off-amid-market-volatility/">.</a> 
Additionally, <a href="https://blog.coinshares.com/volume-194-digital-asset-fund-flows-weekly-report-578a4db60706" target="_blank" rel="noreferrer noopener nofollow">CoinShares’ weekly inflows</a> report published on August 5 indicated that digital asset investment vehicles recorded their first capital outflow in four weeks. Ethereum ETFs saw outflows totaling $146 million for the week, bringing the total outflow since the ETF launch to $430 million. The Grayscale Ethereum Trust has also seen significant outflows, with $603 million exiting the fund since the ETFs were introduced. 
Arkham Intelligence’s data reveals that the U.S. government currently holds over 203,000 Bitcoin, valued at approximately $10 billion, making it the largest governmental holder of the cryptocurrency. Additionally, the government possesses 50,224 Ether, $121 million in Tether, 40,285 Binance tokens, and over 10 million Circle’s USD Coin. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe7hV83HUrpj4t1NB-86sEFZh8YEjT_jNPQS8MKGCwVVOBAyqFt0ascLImg5rLCYibgWFv5fjjgNjLcPH6HBNidNBnP8uHIzBnffbguYM39pZdUAg-fTFp0rDxuzY6ynoJZFlcxE4xJeyWJeXQmYOfmJf65?key=ydXdOGkCW5GKPjnB4e2PGw" alt="AD 4nXe7hV83HUrpj4t1NB 86sEFZh8YEjT jNPQS8MKGCwVVOBAyqFt0ascLImg5rLCYibgWFv5fjjgNjLcPH6HBNidNBnP8uHIzBnffbguYM39pZdUAg">
 <figcaption class="wp-element-caption">
 The United States Crypto Portfolio | Image Source: <a href="https://platform.arkhamintelligence.com/explorer/entity/usg" target="_blank" rel="noreferrer noopener nofollow">Arkham</a>
 </figcaption>
</figure> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/05/ethereum-new-addresses-plummet-to-2024s-lowest-level/" target="_blank" rel="noreferrer noopener">Ethereum New Addresses Plummet to 2024’s Lowest Level</a> 
</blockquote>

U.S. Government Transfers $699K in Ethereum – Arkham

The Crypto Times

Other articles published on Aug 5, 2024

Binance Labs' New Investment: What is Particle Network?

XRP Soars 35% in a Week: Traders Bet on New All-Time Highs as RLBK Outshines MATIC’s Dismal Marke...

SHIB Faces New Low Amid Market Dip: Potential Rally Ahead?

Solana: Key metrics have the answer why SOL may never break its ATH

Is Chainlink Price Correction Done?

Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto

Join our free newsletter for daily crypto updates!