In an intriguing move that speaks volumes about the symbiotic relationship developing between traditional finance and cutting-edge crypto, VanEck, a notable asset manager, has declared that it will donate 10% of all profits from its forthcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for a decade. This philanthropic decision was publicly announced on Twitter recently. Benefitting the Protocol Guild, a group of over 150 developers who maintain the Ethereum’s core technology, the asset manager believes firms dealing with the asset should return some proceeds to the community developing the crypto protocol.
VanEck’s latest endeavour sees them align with several crypto-supporting communities also working towards strengthening the Ethereum network such as Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO. According to a public dashboard used for tracking donations, the Guild’s mainnet has received over 4,846 contributions already, accumulating more than $12 million. This sum is distributed amongst members in a weighted ratio, leaning towards their contribution periods.
However, an elephant in the room remains the somewhat ominous activity in the wallet of the FTX hacker who absconded with $600 million in tokens last year. The wallet, tagged 0x3e957, was activated recently, as per on-chain data from Spot On Chain. Housing a hefty $16.75 million of Ether, two transactions where the infiltrator relocated 2,500 ETH, valued at $4 million each, were identified.
This uproar in a rather dormant wallet usually indicates a selling trend on the horizon, which can heavily impact the Ether’s price and subsequently, the pockets of the small-time investor. Conversely, the upcoming launch of multiple Ethereum exchange-traded funds (ETFs) in the United States could cause a bullish trend in Ethereum’s price.
As various firms including Valkyrie, Bitwise, and VanEck eagerly anticipate the U.S. Securities and Exchange Commission (SEC)’s approval, the premiere of these ETF products under accelerated permission is expected soon. The possibilities and challenges present an intense and riveting spectacle for Ether and its investors – holding their breath to see the direction the wind blows.
Source: Cointelegraph
