Long-Dormant Ethereum Address Comes To Life After 8.5 Years Amid Growing Speculation Of ETH ETF

An Ethereum ETH/USD address that stood inactive for eight and a half years sprang to life as it transferred 2000 ETH, worth approximately $506,140, Etherscan data confirms. 

What Happened: The reactivated wallet held ETH that cost between $0.42 to $1.39 back when the cryptocurrency was in its early days.

This comes amid optimism regarding the potential of an ETH exchange-traded fund (ETF). ETH is up 17% in the last seven days, trading at $2,511. This means the price of ETH has increased by approximately 180,558.27% from its mining days.

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Why It Matters: Larry Fink, the CEO of BlackRock, said in his recent interview with CNBC. “I see value in having an Ethereum ETF. As I said, these are just stepping stones towards tokenization."

Vance Spencer, a crypto venture capitalist with roots in Netflix, outlines several key achievements he believes the blockchain industry could hit within the next couple of years. He took to his X platform, to share insights on what’s imminent: the fourth Bitcoin BTC/USD halving, the sanctioning of an Ethereum ETF, and a surge in the institutional embrace of cryptocurrencies by 2024. He said that the path of crypto at this juncture should be approached as “a marathon, not a sprint.”

However, the path to approval may not be hurdle-free. TD Cowen, an investment bank, suggests that the SEC is likely to stall any decision on Ethereum ETFs, at least until the May approval deadline. 

Price Action: At the time of writing, BTC was trading at $42,544 down 0.41% in the last 24 hours, according to Benzinga Pro.

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