Impact of Major Transfers on Market Sentiment

Besides the Ethereum Foundation’s moves, another ETH sale emerged when an initial Ethereum ICO participant, who received 150,000 ETH during Genesis, recently moved 3,510 ETH, worth $9.12 million, to Kraken after over two years of dormancy.

This participant’s holdings, initially costing $46,500, are now valued at nearly $390 million. These large transfers have amplified investor uncertainty, as large ETH holders seem to be capitalizing on Ethereum’s market conditions.

Furthermore, Bitcoin has seen the reverse of Ethereum’s steady outflows. According to CoinShares data, Bitcoin received inflows of $284 million last week, while Ethereum saw outflows of $28.5 million.

Concerns are raised by this change in institutional focus, which suggests that while Bitcoin continues to draw substantial capital, major investors are becoming less optimistic about Ethereum.