Ethereum Foundation and ICO Wallets Continue Large-Scale Sell-Off: Significant Transfers to Kraken

• Ethereum Foundation and associated presale wallets have resumed selling activity.
• On-chain analytics platform Spot On Chain reports that two wallets linked to the Ethereum Foundation and Ethereum presale continue to liquidate their holdings.
• One wallet, identified as “0xdb3,” recently transferred 1,602 ETH worth $5.48 million to cryptocurrency exchange Kraken.

Ethereum Foundation and presale wallets linked to massive ETH sales; insights and updates.

Ethereum Foundation and Presale Wallets Resume Massive ETH Liquidation

Recent data from the on-chain analysis platform Spot On Chain indicate that the Ethereum Foundation and presale wallets associated with Ethereum are actively selling off large amounts of their ETH holdings. One notable wallet, referred to as “0xdb3,” transferred 1,602 ETH worth approximately $5.48 million to the Kraken exchange, according to the latest updates.

Significant Transactions Highlight Increased Activity

Since June 8, the “0xdb3” wallet has moved 19,488 ETH worth $70.6 million to various exchanges, with an average transaction price noted at $3,623 per ETH. Over the last two days, these wallets have ramped up their activity significantly. On July 17, they made another substantial transfer, moving $12.5 million worth of Ethereum to Kraken.

Remaining Holdings and Market Impact

Currently, the wallets still hold 3,200 ETH, valued at approximately $10.9 million. According to CoinGecko, Ethereum has seen a 2% drop in value over the past 24 hours, trading at $3,441 at the time of writing. This increased selling pressure from major holders like the Ethereum Foundation may have implications for market sentiment and ETH prices in the near term.

Conclusion

The continuous liquidation by the Ethereum Foundation and associated presale wallets raises questions about the long-term strategy of these entities. Investors should keep an eye on these transactions, as further sales could potentially impact the market. For now, the trend suggests a cautious approach may be prudent when dealing with ETH investments.