The Ethereum Foundation has recently deposited 35,000 $ETH, valued at approximately $94.07 million, to the Kraken exchange. The deposit occurred when the price of Ethereum was $2,688. However, it has since dropped to $2,450, marking an 8.8% decline, according to Lookonchain. This move has again highlighted the Ethereum Foundation, as it is evident they sold at near the top of the market.
Ethereum Foundation Sold $654M in ETH Since 2021
Starting from January 1, 2021, the Ethereum Foundation has disclosed selling a total of $ETH 239k, totaling to $654 million. The fact that it was made recently is even more important because, at the moment, Ethereum is believed to hold around $1 billion.
The large deposit made to Kraken has instigated speculations that the Foundation could be planning to sell a big portion which can cause pressure on the price of $ETH to drop lower.
Market Eyes Ethereum Foundation’s Strategy After Large ETH Deposit
It has also raised questions over the Ethereum Foundation’s investment strategy, which some believe may have taken a strategic turn. The actions of the Foundation are closely monitored in the market, and transactions of such scale are usually followed by corresponding expectations in the market.
While the market still adapts to these changes, reported by Lookonchain, traders and investors must remain vigilant, as any further action from the Ethereum Foundation might cause fluctuation in the price of $ETH.
Source: https://blockchainreporter.net/ethereum-foundation-deposits-94m-in-eth-to-kraken-leading-to-8-8-price-drop/