Ethereum Foundation Transfers 1,000 ETH to Kraken, Sparking Market Concern

The Ethereum Foundation has moved 1,000 ETH to Kraken, sparking concerns over sell pressure as multiple whale wallets also liquidate large amounts of ETH. Ethereum’s price is currently near critical support amidst heightened volatility and market uncertainty. Recent activity by significant holders reflects a lack of confidence, while a new privacy roadmap proposed by co-founder Vitalik Buterin seeks to standardise private transactions.

The Ethereum Foundation has transferred 1,000 ETH, valued at approximately $1.58 million, to the Kraken exchange. This transaction, tracked by Lookonchain, has occurred amid concerns surrounding rising sell pressure in the crypto market and Ethereum’s price instability, currently trading near critical support levels. Such movements may indicate uncertainty within the market, particularly affecting large ETH holders.

Historical data indicates that the wallet involved, identified as 0xddB…121A, has a significant history with the Ethereum Foundation, having received over 84,000 ETH nearly a decade ago when the price was around $1.20. Today’s value of this amount is approximately $134 million. This wallet has shown notable activity recently, making substantial transfers to trading firms such as Cumberland DRW, which may reflect broader concerns about market confidence.

Additional sales from large Ethereum holders have increased pressure on the market. Reports reveal that several other whales have recently liquidated significant amounts of ETH. For instance, an Ethereum investor sold 10,702 ETH for about $16.86 million after a two-year hold, while another sold 5,471 ETH for $8.01 million. Another wallet, inactive for seven years, also transferred 2,000 ETH to Kraken.

Currently, Ethereum’s price is $1,616.98, a decline of 1.61% over the last 24 hours, with trading volumes surging by 33.73% to $15.85 billion. The price action displays lower highs and lows, exhibiting a downtrend, although it has remained somewhat stable in recent days. The current consensus hints at possible additional volatility that could impact price movement significantly, with $1,504 identified as a crucial support level.

In another notable development, Ethereum co-founder Vitalik Buterin has introduced a new privacy roadmap aimed at standardising private transactions on the Ethereum network. Released on April 11, it proposes the integration of zero-knowledge technologies, although many industry experts recognise the challenges of implementing these advancements effectively.

Disclaimer: The information presented aims to be accurate yet should not be construed as financial advice. Market conditions change rapidly; readers are advised to conduct their own research and consult financial professionals when necessary.