Ethereum Foundation Transfers Millions in Ethereum (ETH) to Kraken, Potential Sell-Off Imminent 📉
The Ethereum Foundation has recently transferred a significant amount of Ether (ETH) to the cryptocurrency exchange Kraken, leading to speculation due to its past movements.
SpotOnChain, an on-chain analytics firm, reported that wallets associated with the Ethereum Foundation and ICO participants moved $12.5 million and $9 million worth of ETH to Kraken, respectively. These wallets have deposited a total of 17,886 ETH, valued at around $65 million, to the exchange since early June, indicating a potential sell-off.
Wallet Movements 📈
- Two Ethereum Foundation/ICO-related wallets transferred 3,631 ETH ($12.5M) to Kraken.
- Wallet 0xdb3 received ETH from the Ethereum Foundation and ICO participant 0xAb0.
- Since June 8, these wallets deposited ETH on Kraken during market rebounds.
Currently, Ethereum is trading at $3,400, showing a 10% increase over the past week and a 77.9% surge in the last 12 months amidst a broader crypto market rally that pushed Bitcoin to new all-time highs.
Previous Movements and Holdings 💰
- The Ethereum Foundation previously cashed out 20,000 ETH at the peak of the bull market when ETH was close to $4,900.
- Prior to that, 35,000 ETH was transferred to Kraken following Vitalik Buterin’s market turnaround prediction.
- The Foundation currently holds over $1 billion in cryptocurrencies, with 310,127 ETH as the primary asset, along with other tokens like WETH, DAI, USDT, and USDC.
Hot Take: Proceed With Caution 🚨
As an investor, it’s essential to monitor the movements of significant entities like the Ethereum Foundation, especially when large amounts of ETH are transferred to exchanges. Stay informed and consider the potential impact on the market before making any investment decisions in such volatile times.
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