The Ethereum Foundation transferred a significant amount of Ethereum to Kraken, sparking interest and speculation. Similar past transfers were accompanied by significant price changes.
What Is Happening on the Ethereum Front?
According to the blockchain data analysis platform Arkham Intelligence, on August 23, the Ethereum Foundation transferred approximately 35,000 Ethereum (around $96 million) to a Kraken exchange deposit address. It is worth noting that a similar sale by the foundation in December 2020 led to a price rise up to $4,891.70.
Details on the Matter
Recent Ethereum price changes have remained mostly stable. On August 24, the price reached a low of $2,656, rising to $2,808 the next day. Meanwhile, about a month ago, the foundation transferred 92,000 Ethereum (over $253 million) to an unidentified wallet. In May 2023, the foundation also transferred $30 million worth of Ethereum to Kraken, causing a temporary 4.8% price drop.
Aya Miyaguchi's Comment
Foundation Executive Director Aya Miyaguchi commented that the transfer was part of treasury management activities. According to her, the transfer was needed to balance the books and did not equate to a sale. Miyaguchi also noted that the recommendations not to conduct treasury activities due to regulatory complications made planning difficult.
The Ethereum Foundation continues to actively manage its assets, leading to speculation and discussions among experts and market participants. The foundation's future actions deserve close attention to assess their potential market impact.
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