The Ethereum Foundation recently moved 35,000 ETH to Kraken.
The Ethereum Foundation recently deposited 35,000 ETH, worth $94.07 million, to Kraken on August 23. This significant transaction happened when ETH was trading at $2,688. However, five days later, the price dropped to $2,450, marking an 8.8% decrease. Investors have often viewed such transfers from the Ethereum Foundation as warning signals, as notable price drops have followed these transactions.
The #Ethereum Foundation deposited 35K $ETH($94.07M) at $2,688 to #Kraken 5 days ago, now at $2,450, down 8.8%!#Ethereum Foundation sold near the top again!
Since Jan 1, 2021, the #Ethereum Foundation has sold 239K $ETH($654M). pic.twitter.com/LQeRN5grOk
— Lookonchain (@lookonchain) August 28, 2024
Historical Trends and Recent Selloff
Over the years, the Ethereum Foundation has been associated with several large-scale transfers. Notably, since January 1, 2021, the foundation has sold off 239,000 ETH, worth $654 million. As seen from Lookonchain’s chart, the most recent significant transfer by this wallet took place in May 2023, when 15,000 ETH was moved.
This sale aligned with broader market corrections, which saw Ethereum’s price slide to $2,526.05. The foundation’s balance declined from 309,000 ETH to 274,000 ETH after the transfer, leading some market participants to anticipate a possible selloff. Historically, such moves from the foundation have often been interpreted as precursors to market downturns for Ether.
Kraken Tops Deposit Charts
Following the Ethereum Foundation’s latest transfer to Kraken, exchange data from August 2015 to August 2024 reveals Kraken as a key player in deposits, while Coinbase and Bitcoin Suisse have dominated withdrawals during this period.
Between August 15, 2015, and August 27, 2024, Kraken emerged as the top exchange for deposits, processing $852.49 million, accounting for 31% of the total $2.79 billion deposited across major platforms. Following closely, Bitstamp received $724.16 million (26%), while Coinbase saw $681.42 million (24%).
On the withdrawals side, Coinbase led with $264.71 million, representing 30% of the total $895.04 million withdrawn. Bitcoin Suisse followed with $246.72 million (28%), and Kraken facilitated $157.99 million in withdrawals (18%).
Other Notable Foundation-Linked Transactions
On July 17, another Ethereum Foundation-linked wallet transferred 3,631 ETH, valued at $12.5 million, to Kraken. Since June 8, wallets associated with the foundation have moved substantial amounts of ETH to centralized exchanges, including a total of 17,886 ETH worth $65 million.
Additionally, on July 26, a dormant foundation-related wallet reawakened, moving 92,500 ETH, valued at $290 million, after seven years of inactivity. These significant movements have sparked considerable attention within the crypto community, raising questions about their potential impact on Ethereum’s price.
Market Performance Post-Transfers
As of this writing, Ethereum’s price stood at $2,526.05, reflecting a 3.58% decline over the past 24 hours and a 2.09% decrease over the past week. With a market cap of $303.8 billion, Ethereum remains one of the leading cryptocurrencies despite these significant transfers.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
