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News - Did the Ethereum Foundation sell 15,000 ETH?
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08-05-20232 min read
Did the Ethereum Foundation sell 15,000 ETH?
The wallets of Vitalik Buterin and the Ethereum Foundation have sent more than US$30 million worth of ETH to the crypto exchange Kraken. This is according to on-chain data from Etherscan. In the past, a lot of volatility followed such a shift. What can we expect now?
According to Etherscan, Ethereum founder Buterin's 200 ETH were followed by another 15,000 Ethers from a wallet linked to Ethereum developers. It is rumored that both parties were selling coins to fund development on the Ethereum blockchain.
Ethereum Foundation's large-scale selling in recent years record: Recently the Ethereum Foundation sold 15,000 ETH. In 2021, EF did sell 20,000 ETH at a high point. But in 2020, 100,600ETH was sold at a price of 657. pic.twitter.com/BCiSlutQ5F
— Wu Blockchain (@WuBlockchain) May 7, 2023
Past experience often shows a pattern. Previous times, such shifts caused a huge spike in the Ethereum price, followed by a sharp sell-off. A scenario that appears to be repeating itself for now. Since the coin's massive move to Kraken, the ETH price has fallen more than eight percent.
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