Franklin Templeton's fund is entering Ethereum! Whale spends 57 million crazy buying, is there hope for the second brother?

Franklin launches FOBXX fund on the Ether blockchain

Franklin Templeton recently announced that it will expand its OnChain US Government Money Market Fund (FOBXX), listed on Nasdaq, to Ethereum, the second-largest cryptocurrency network by Market Cap. The fund has previously operated on multiple blockchains, including Avalanche, Stellar, Aptos, and Ethereum's scaling networks Arbitrum, Polygon, and Base, but this is the first deployment on the Ethereum Mainnet. FOBXX is a fund that allows clients to invest in US government securities, cash, and repurchase protocols. Investors can purchase and hold shares in their digital wallets through Franklin Templeton's Benji Investments mobile application.

Image source: Franklin Templeton Digital Assets announced the expansion of FOBXX to Ethereum

FOBXX fund size reaches $410 million

The FOBXX fund was launched in 2021, becoming the first currency market fund to track transactions and holdings using public Blockchain. The fund currently has a Market Cap of $410 million, making it the third largest tokenization currency market fund. According to data from rwa.xyz, Ethereum is far ahead in the issuance of tokenized government bonds, processing over $1.6 billion in assets, followed by Stellar and Solana.

Asset management company Grayscale pointed out in a report in April that Ether Square is "meaningful Decentralization and trustworthy neutrality" for network participants, which may be a necessary condition for any global tokenization asset platform, so it is most likely to benefit from tokenization in Smart Contract.

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Source: rwa.xyz Ethereum is far ahead in the tokenization of national debt issuance, processing over $1.6 billion in assets.

New Whale get on board, purchase Ethercoin worth over 57 million dollars

At the same time, a new EthereumWhale has appeared in the market, seemingly making a long-term layout using the current price. According to the data from on-chain Wallet tracker Lookonchain, a new WhaleAddress has accumulated 7,389.5 Ethercoin in the past 24 hours, worth about $23.44 million.

The wallet has been active since November 9th and has purchased over 18,000 Ethercoin, with an average price of $3,201. The current total value is approximately $57.8 million. The wallet only holds Ether and $USDT worth $19,300 and may further accumulate Ether if there is a favorable price drop.

Image source: Lookonchain New Whale is absorbing Ethercoin chips

The Ethereum price is facing resistance, but the market outlook is positive.

Despite Ethereum's strong breakthrough of $3,000 last week, its upward momentum has slowed. Independent trader Eddie mentioned that Ethereum's recent price rise to $3,450 perfectly touched the 0.618 Fibonacci line drawn between its historical high and the 2022 low. He pointed out that there is a strong supply zone between $3,100 and $3,500, and it is expected that the price will need more adjustment to break through this range.

Image source: Eddie Ethereum recently perfectly touched the 0.618 Fibonacci line drawn between its historical high and the 2022 low.

From a technical perspective, Ethereum may retest the value gap (FVG) between $3,072 and $2,987 on the daily chart. This range includes a support at the 50-EMA level and a Block order in the four-hour chart. Therefore, if Ethereum regains bullish momentum in the $3,000 range, the price may rebound here.

Image source: OtterBiraajCharting Ethereum may retest the value gap (FVG) formed on the daily chart between $3,072 and $2,987.

Overall, Franklin Templeton's $400 million FOBXX fund expansion on the Ethereum blockchain, as well as the new WhaleAddress entry layout, have brought new vitality to the Ethereum market. Although the price is currently facing resistance, the future development of Ethereum is promising with the participation of institutional investors and increasing market interest in tokenized assets.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.

'Franklin's Chain Fund Enters Ethereum! Whale smashes 57 million in crazy purchases, is Brother Two saved?' This article was first published in 'encryption city'.