Big Transfer from Ethereum Foundation! Is ETH Preparing for Dumpa?

While Ethereum and altcoins are on the rise, led by Bitcoin (BTC), ETH exceeded $ 3,300.

While these increases caused investors to sell profits, the last move came from the Ethereum Foundation.

According to Lookonchain’s post, a wallet affiliated with the Ethereum Foundation deposited 4,000 ETH ($13.3 million) to Kraken after the ETH price exceeded $3,300 today.

“A wallet affiliated with the Ethereum Foundation deposited 4,000 ETH ($13.3 million) to Kraken after the price of ETH exceeded $3,300 today.

The last time this wallet deposited ETH to Kraken was January 16, 2022, and the price of ETH at that time was approximately $3,350.

This wallet received 39,006 ETH ($130.6 million) from EthDev and currently holds 33,006 ETH ($110 million).”

In the cryptocurrency market, sending large amounts of crypto to exchanges is generally interpreted as a sale.

At this point, ETH transfers and sales made by Ethereum co-founder Vitalik Buterin and the Ethereum Foundation generally cause FUD in the crypto community to increase and the Ethereum price to decrease.

ETH continues to trade at $3,346 at the time of writing.

A wallet related to the #Ethereum Foundation deposited 4,000 $ETH($13.3M) to #Kraken after the $ETH price exceeded $3,300 today.

The last time this wallet deposited $ETH to #Kraken was on Jan 16, 2022, when the price of $ETH was ~$3,350.

This wallet received 39,006… pic.twitter.com/t2zs4qrEg7

— Lookonchain (@lookonchain) February 28, 2024

*This is not investment advice.