Ethereum Foundation Sends USD 95M in ETH to Kraken

Source: AdobeStock/chakisatelier

An Ethereum (ETH) transaction of ETH 20,000 (USD 95m) has been made from a wallet belonging to the Ethereum Foundation to the crypto exchange Kraken, public blockchain data shows. Meanwhile, there’s been no word from the Foundation on what the large transfer is for.

According to data from Etherscan, the funds were transferred in the early hours of Thursday UTC time, or Wednesday night US time. The transfer was made by a wallet address that was flagged by Etherscan as an “EthDev” address belonging to the Ethereum Foundation.

Following the transfer, the sending address still held ETH and various tokens worth some USD 1.68bn in it.

Source: Etherscan

This week’s transfer from the Ethereum Foundation follows a similar transfer from back in May, when more than ETH 35,000 – worth some USD 112m at the time – were sent to Kraken.

Shortly after the May transfer, Ethereum co-founder Vitalik Buterin was asked during an interview with CNN: “are we in a crypto bubble right now?” To this, Buterin answered “I would say yes,” before adding that it is “notoriously hard to predict” when bubbles end.

Discussing the large transfer on Reddit’s r/CryptoCurrency subreddit, users said they are still optimistic about the price of ETH going forward, with one user even suggesting it may be because exchanges are “lacking ETH liquidity” because “nobody sells.”

Cryptonews.com has reached out to the Ethereum Foundation for a comment.

At 09:41 UTC on Friday, ETH traded at USD 4,686, down 1% over the past 24 hours, but up 3% for the week.

Learn more:
Current Cycle Less Speculative, Users Moving Beyond Bitcoin and Ethereum – Coinbase
Altcoins Eclipse Combined Bitcoin, Ethereum Transaction Volumes on Coinbase

Narratives Blur as Bitcoin and Ethereum Target Each Other’s Field 
Ethereum Fees Pushed Higher by DEX Trading as Optimism’s Upgrade Nears

Bakkt to Support Ethereum Alongside Bitcoin
The Ethereum Premine Debate On Fairness, Regulation, and Centralization


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