Panic or opportunity? The Ethereum Foundation's large transfer of US$93 million in ETH caused market shock!
There has been significant movement in the cryptocurrency market in recent days, with the Ethereum Foundation transferring 35,000 ETH worth $93 million to the Kraken exchange, sparking concerns about an upcoming massive sell-off.
This huge transaction was captured by the cryptocurrency tracking platform Etherscan, and records showed that the 35,000 ETH funds flowed into Kraken’s deposit address.
Analyzing the asset status of the Ethereum Foundation, the organization currently has $745 million in assets, most of which are held in the form of ETH, and a small portion of BNB.
Historically, the Ethereum Foundation’s massive sales have tended to coincide with declines in cryptocurrency prices.
Ethereum, which is priced around $2,750, has seen significant gains over the past 24 hours, with a trading volume of around $16 billion.
