The Ethereum Foundation recently moved $13.3 million worth of ETH to Kraken, signaling an intent to sell amid Ethereum’s surge above $3,300 Jim Cramer’s endorsement.
Ethereum rode on the latest market push to reclaim multiple psychological price territories, including the much-coveted $3,300 threshold.
Following the $3,300 breach, the Ethereum Foundation, a non-profit aimed at supporting the Ethereum ecosystem, moved 4,000 ETH to Kraken.
The move, recently spotlighted by surveillance resource Lookonchain, indicates an intent to sell the tokens amid the Ethereum price appreciation.
The market rally had pushed the value of these tokens to $13.3 million, marking a 47% increase, or a difference of $4.3 million, from the assets’ value a month ago when ETH traded at $2,250.
A wallet related to the #Ethereum Foundation deposited 4,000 $ETH($13.3M) to #Kraken after the $ETH price exceeded $3,300 today.
The last time this wallet deposited $ETH to #Kraken was on Jan 16, 2022, when the price of $ETH was ~$3,350.
This wallet received 39,006… pic.twitter.com/t2zs4qrEg7
— Lookonchain (@lookonchain) February 28, 2024
According to Lookonchain, on-chain data confirms that the last time this particular Ethereum Foundation wallet moved tokens to Kraken in a similar move was in January 2022.
At the time, Ethereum had also surged to $3,350, suggesting that the address has continued to sell its holdings above the $3,300 mark.
Notably, following the recent sale, the wallet now holds 33,006 ETH tokens currently valued at $114.9 million from the 39,006 ETH it initially received from the EthDev wallet.
The EthDev wallet is the original multisig address used by the Ethereum Foundation to manage its ETH allocation. It currently holds $1 billion in ETH.
The Ethereum Foundation has continued to initiate ETH sales through different wallets. Last October, the organization sold 1,700 ETH for 2.738 million USDC. As reported by The Crypto Basic, last month, Arkham Intelligence revealed that the Foundation sold $1.6 million worth of ETH amid a price drop.
Latest Ethereum Foundation Sale Coincides with Cramer’s Endorsement
Interestingly, the recent sale from the spotlighted Ethereum Foundation wallet coincides with a remark from Jim Cramer, which looked like an endorsement of Ethereum. Cramer has faced mockery from the crypto community due to market realities often taking the opposite of his calls.
As a result, a comment of endorsement from the CNBC Mad Money host is humorously interpreted as a sell signal. Cramer recently forecasted that the upcoming Ethereum ETF products would ride on the success of the Bitcoin ETF success to “bloom.”
Several crypto community figures said this comment would trigger panic among investors. Market analyst Ali Martinez humorously suggested that the Ethereum Foundation’s latest sale was inspired by Cramer’s comment.
lol! The Ethereum foundation sold right after your endorsement 😅😅 https://t.co/0t1E108vEe
— Ali (@ali_charts) February 28, 2024
While these remarks merely represent attempts at humor, it is important to note that the Foundation’s sale occurred before Cramer’s comment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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