Samson Mow Slams ETH Ahead of Ethereum ETF Launch

Samson Mow, Bitcoin maximalist and JAN3 chief executive officer, has posted a critical statement about ETH price performance while spot Ethereum ETFs are about to start trading.

Meanwhile, during the past 24 hours, the second largest cryptocurrency by the market capitalization size, Ethereum, has declined by slightly more than 3%.

"Ethereum performing abysmally": Samson Mow

Vocal Bitcoiner, who constantly slams altcoins, including the biggest one, Ethereum, Mow noted in a recent X post that “Ethereum sure is performing abysmally” while it has been already confirmed that spot Ethereum exchange-traded funds (ETFs) are about to start trading. Mow assumed that perhaps investors have come to the same conclusion that he did a long time ago – Mow has often criticized ETH as a “centralized s-coin.”

Bitcoin price reacted opposite to Ethereum when the SEC approved spot Bitcoin ETFs in January this year – BTC began to skyrocket right after the approval was announced and before the actual trading took place.

As reported by U.Today recently, the Chicago Board Options Exchange (CBOE) confirmed that five ETFs based on the Ethereum spot price are going live on this platform today. Those Ethereum ETFs are provided by Fidelity, Invesco Galaxy, Franklin Templeton, VanEck, and 21Shares.

Overall, 11 Ethereum ETFs are about to launch, including those set up by Grayscale, Bitwise, and BlackRock.

Still, despite the approaching spot Ethereum ETF trading launch, the ETH price has not been showing much agitation since the announcement was made on July 18. On that day, Ethereum faced a 2.6% decline and then it was trading sideways until it demonstrated a 4.56% increase on the following day. ETH then briefly touched the $3,540 level.

After declining to $3,413 on Sunday, ETH again attempted to break above the $3,540 price line. Since then, it has lost 3.45% and is changing hands at $3,452% at the time of this writing.

$1 billion in Ethereum transferred to Coinbase

Earlier today, the cryptocurrency community was stunned as it saw a mammoth-sized Ethereum transfer that deposited 292,262 ETH (worth a whopping $1,009,462,087) from an anonymous wallet to Coinbase Institutional.

The chief Bloomberg ETF analyst Eric Balchunas spread the word that this gigantic transaction was made by Grayscale as it moved funds from its Ethereum Trust, now converted into a spot ETF, (ETHE) to its mini-product.