The wallet associated with the Ethereum Foundation transferred 1,000 ETH worth nearly $1.58 million to the Kraken exchange. The fund transfer tracked by the analytical platform Lookonchain raised concerns within the crypto community as ETH is already experiencing a price decline and increasing selling pressure.
According to Lookonchain, the wallet from which the transfer was made has been identified as 0xddB…121A. This is not a new wallet of the Ethereum Foundation. About ten years ago, over 84,000 ETH was received at 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 twice to the trading firm Cumberland DRW. The first transfer was valued at $7.31 million, and the second at $8.92 million.
These actions have raised concerns among various groups in the crypto community, as large ETH holders are cashing out their assets. This typically indicates that 'whales' do not believe in the future of the altcoin and are waiting for the price to drop. For instance, one of the founders of Ethereum sold 10,702 ETH for approximately $16.86 million after two years of inactivity.