Wallet associated with the Ethereum Foundation transferred 1,000 ETH worth nearly $1.58 million to the Kraken cryptocurrency exchange. The fund transfer, tracked by the analytics platform Lookonchain, raised concerns in the crypto community as ETH is already experiencing a price drop and increasing pressure from sellers.
According to Lookonchain, the wallet from which the transfer was made has been identified as 0xddB…121A. This is not a new Ethereum Foundation wallet. About ten years ago, more than 84,000 ETH was deposited into this address. At that time, the coin was trading at $1.20. Now, these assets are worth approximately $134 million.
In recent weeks, the crypto wallet has shown increased activity. It sent 5,000 ETH to the trading firm Cumberland DRW twice. The first transfer was valued at $7.31 million, and the second at $8.92 million.
These actions raised concerns among various groups in the crypto community as large ETH holders cash out their assets. This typically indicates that 'whales' do not believe in the future of the altcoin and are anticipating a price decline. One of the founders of Ethereum sold 10,702 ETH for approximately $16.86 million after two years of inactivity.
