The world's second-largest cryptocurrency, Ethereum (ETH), has been under selling pressure as the approval of spot Ether ETFs turns out to be a sell-the-news event. The Ethereum Foundation wallets have also been active, moving many ETH this week.

Foundation Moves $294.9 Million

According to data from Lookonchain, an Ethereum Foundation wallet transferred 92,500 ETH, worth a staggering $294.9 million, to a new wallet for the first time in nearly 6.6 years.

On-chain tracking shows that the wallet initially received ETH tokens from the Ethereum Foundation on September 1, 2015. This move has drawn strong community attention, highlighting the foundation's strategic management.

Major Moves Within a Week

This is the second significant move by the Foundation wallet within a week. However, this current transfer hasn't significantly impacted Ethereum's price, which has partially recovered to $3,250 after a dramatic drop on Thursday.

For the bulls to take over the rally and push ETH to new all-time highs beyond $4,000, it must cross the $3,500 mark.

Grayscale ETF Sees Massive Outflows

On the third day after its launch, Ethereum ETF continued to see significant outflows, led by the Grayscale Ether ETF (ETHE). On Thursday, ETHE saw over $346 million in outflows.

Consequently, ETHE's total Assets Under Management (AUM) has dropped to $7.5 billion, eroding more than $1.5 billion in just three days of launch.

"The total AUM of ETHE has dropped to $7.5 billion, eroding more than $1.5 billion in just three days of launch."

Mixed Inflows for Competitors

On the other hand, the Black Ether ETF (ETHA) saw daily inflows of $72.9 million, while Fidelity's FETH saw inflows of $34.3 million.

In a milestone development, the Bitwise Ether ETF (ETHW) saw its banner rise on the New York Stock Exchange (NYSE) on Thursday. Yesterday, ETHW inflows stood at $17 million, indicating varied market sentiment.