Foundation-linked wallets have sent another 4,393 ETH (around $11 million) to Kraken.
These two wallets received nearly 60,000 ETH from the foundation 10 years ago, and have gradually transferred nearly 50,000 ETH to Kraken over the past decade. Sending funds to an exchange doesn’t necessarily mean they’ve been sold, but given the wallets’ history, the market will generally treat this as a potential sale.
This isn’t a particularly large amount for ETH, so the direct impact on the market should be limited. But the narrative that the foundation is selling again can easily affect sentiment. They’ve done this several times this year. Essentially, they’re cashing out part of their holdings to cover operating expenses, which makes sense—but when there’s no announcement, the market tends to fill in the blanks itself.
$BTC
$ETH
These two wallets received nearly 60,000 ETH from the foundation 10 years ago, and have gradually transferred nearly 50,000 ETH to Kraken over the past decade. Sending funds to an exchange doesn’t necessarily mean they’ve been sold, but given the wallets’ history, the market will generally treat this as a potential sale.
This isn’t a particularly large amount for ETH, so the direct impact on the market should be limited. But the narrative that the foundation is selling again can easily affect sentiment. They’ve done this several times this year. Essentially, they’re cashing out part of their holdings to cover operating expenses, which makes sense—but when there’s no announcement, the market tends to fill in the blanks itself.
$BTC
$ETH