Ethereum Foundation, a non-profit crypto firm supporting Ethereum and its affiliates, deposits a large sum of 35,000 $ETH to Kraken, a prominent cryptocurrency exchange. As per the details shared by Lookonchain, an on-chain crypto analytical firm, the Ethereum Foundation transferred 35,000 $ETH worth roughly $94.07 million. This transfer has sparked much speculation in the crypto market about the reasons behind this large transfer and the next move of the Ethereum Foundation.
Ethereum’s Price Value at the Time of Deposit
At press time, Ethereum is trading at $2,731.01 with a market cap of $328,047,975,451 which is up by 4.56%. During the last hour, $ETH fluctuated around the figure of $2,731 while the Ethereum Foundation deposited a large sum of its $ETH holding to the one of leading crypto exchanges, Kraken.
The transferred $ETH are worth $94.07 million. Till now, this deposit hasn’t affected the price value of Ethereum much but has aroused many speculations about the intention of the Ethereum Foundation. Many crypto investors and analysts are now eying the Ethereum Foundation’s next move and the price fluctuation in the coming time.
Way Forward
Ethereum Foundation has deposited a significant sum of its holdings to the Kraken exchange. It is word of mouth that Ethereum’s current holdings are worth roughly $1 billion of which now the foundation has deposited 35,000 $ETH to Kraken. This deposit has brought Ethereum ($ETH) into the headlines.
This large sum of deposit indicates that the Ethereum Foundation might be planning a potential sell-off, and because of that $ETH might plummet in the coming time. On the other hand, this deposit also indicates a strategic shift in the investment strategy of the Ethereum Foundation.
Source: https://blockchainreporter.net/ethereum-foundations-deposits-35000-eth-to-kraken-exchange/