Ethereum
Why Ethereum is up 7.1% today
Analysis
Ethereum (ETH) rose 7.1% over the past 24 hours as sentiment improved around Ethereum’s scaling ecosystem following Espresso network’s ESP token launch and 10% airdrop, which kept attention on layer-2 activity and the broader Ethereum stack (CoinDesk). The move came despite a report that BlackRock sold $257 million worth of Bitcoin and Ethereum, suggesting ETF-related outflows weren’t enough to cap the rally (U.Today).
Contributing Factors (3)
Espresso network launches ESP token with 10% airdrop amid Ethereum layer-2 debate
The network transitioned to proof-of-stake and coincides with the rollout of the ESP token, which is used for staking, securing the network and protocol participation.
$257 Million in Bitcoin and Ethereum Sold by BlackRock
BlackRock has sent another $257 million in BTC and ETH to Coinbase amid market rebound.
Wallet tied to $200M Mixin Network hack moves ETH after over two years of dormancy: onchain data
Over two years after stealing $200 million from Mixin Network, an onchain hacker has deposited illict funds on Tornado Cash and sold ETH.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.