The Ethereum Foundation, the non-profit organization funding the critical development of Ethereum-related technology, has transferred a significant amount of Ether (ETH) to the popular cryptocurrency exchange Kraken, raising eyebrows given its history of wallet movements.
According to on-chain analytics firm SpotOnChain, the Ethereum Foundation’s wallets and wallets linked to an Ethereum initial coin offering (ICO) participants moved $12.5 million and $9 million worth of the second-largest cryptocurrency to the exchange, respectively.
According to the firm, these two wallets have since early June deposited 17,886 ETH worth around $65 million to the centralized cryptocurrency trading platform, hinting at a potential sell-off.
Ethereum is at the time of writing trading at $3,400 after rising over 10% over the past week, after a 77.9% surge over the last 12 months amid a wider cryptocurrency market rally that saw the price of Bitcoin reach a new all-time high above the $73,500 mark, before prices endured a slight correction that saw BTC drop to $64,000 at the time of writing.
It’s worth noting that the Ethereum Foundation famously cashed out ETH before at the very top of the bull market, moving 20,000 ETH to popular cryptocurrency exchange Kraken when the cryptocurrency was trading close to $4,900, its all-time high.
Earlier, the Foundation moved 35,000 ETH to Kraken after Ethereum’s co-founder Vitali Buterin had suggested the cryptocurrency market could be set to turn around.
Data shows that the Ethereum Foundation’s wallets currently still hold over $1 billion worth of cryptocurrency with Ethereum making up most of those holdings, having 310,127 ETH on it. The Foundation also has 214 wrapped Ether (WETH), $285,000 worth of DAI, $151,000 worth of Tether’s USDT, and $123,000 worth of USDC.
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