Ethereum Foundation wallets have transferred 3,631 ETH worth $12.5 million to Kraken as the market witnesses a rebound.
In a notable move during the recent market rebound, two Ethereum Foundation and ICO-related wallets transferred 3,631 ETH, valued at $12.5 million, to the Kraken exchange over the past two days.
Two #Ethereum Foundation/ICO-related wallets deposited 3,631 $ETH ($12.5M) to #Kraken in the past 2 days as the market rebounded:
1️⃣ Wallet 0xdb3 unloaded 2,631 $ETH ($9.01M).
• It received $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.
• Since June 8,… pic.twitter.com/rpEC1Fe4jj
— Spot On Chain (@spotonchain) July 17, 2024
Recent Transfers from Foundation-Linked Wallets
One wallet offloaded 2,631 ETH, equivalent to $9.01 million. This wallet received its ETH from both the Ethereum Foundation and an ICO participant. Since June 8, it has deposited a substantial 17,886 ETH, worth $65 million, to centralized exchanges.
Another wallet transferred 1,000 ETH, valued at $3.46 million, to Kraken. This ETH originated from an ICO participant who received 100,000 ETH at the Ethereum genesis in 2015.
Despite these recent transactions, the Ethereum ICO participant still holds a reserve of 49,000 ETH, valued at $171 million, across four different wallets.
Historical Context and Market Impact
Recall in January, the Ethereum Foundation was reported to have sold off 700 ETH through the Cow Protocol. The proceeds, approximately $1.68 million, were converted into DAI.
While the monetary equivalent seemed small, these sell-offs, coupled with bearish market sentiment, have contributed to a gradual downward pressure on Ethereum’s price. The digital currency experienced a 4.09% drop in the past 24 hours, bringing its seven-day cumulative loss to 6.72%.
The foundation’s recent transactions were executed through a specific wallet address. The Ethereum was sold at an average price of $2,406 across three sessions of 200 ETH transfers each, with an additional 100 ETH transfer completing the latest moves.
Additionally, in February, Ethereum Foundation transferred $13.3 million worth of ETH to Kraken. This move came as Ethereum’s price surged above $3,300, buoyed by Jim Cramer’s endorsement.
The surge allowed Ethereum to reclaim several key price levels, including the significant $3,300 mark. In response, the Ethereum Foundation, which supports the Ethereum ecosystem, moved 4,000 ETH to Kraken following this price increase.
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