Ethereum Foundation’s Wallet Transfer 500 ETH Worth $13.3M: Cashing out, Or Providing Liquidity?
The post Ethereum Foundation’s Wallet Transfer 500 ETH Worth $13.3M: Cashing out, Or Providing Liquidity? appeared first on Coinpedia Fintech News
Blockchain data analysis firm Lookonchain has reported a noteworthy transaction involving a wallet associated with the Ethereum Foundation. This wallet, which had received a substantial amount of ETH back in 2015, has now made a significant move by transferring 500 ETH, equivalent to $13.3 million, to Cumberland Forwarder.
Massive 500 ETH Transfer
According to Lookonchain, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin sent 500 Ether worth roughly $13.3 million to Cumberland Forwarder a firm that provides access to opportunities in the cryptoasset space.
A wallet related to the #Ethereum Foundation transferred 500 $ETH($13.3M) to #Cumberland Forwarder 10 hours ago.
The wallet received 47,814 $ETH($166M currently) from the #Ethereum Foundation on Nov 8, 2015, when the price was $1.02.https://t.co/xTwE67jL6a pic.twitter.com/4KbcbTK7ou
— Lookonchain (@lookonchain) March 4, 2024
The size of this transfer has sparked curiosity and questions about the intentions behind it. Typically, such substantial movements may indicate an intention to sell or provide liquidity.
Meanwhile, given Ethereum’s recent price surge, Buterin’s transaction could potentially exert selling pressure on the digital asset.
Historical Context
Examining the historical context, this isn’t the first time the Ethereum Foundation’s wallet has seen a significant transfer. Back on November 8, 2015, the wallet received a substantial transaction, amassing 47,814 ETH when the price per ETH was $1.02.
Fast forward to the present, the wallet’s holdings have experienced remarkable appreciation. Currently valued at $166 million, showcasing Ethereum’s substantial growth over the years.
Earlier this year, the Ethereum co-founder sent 200 ETH to Kraken in March, indicating a trend of transferring assets to crypto exchanges. Around the same period, Buterin also exchanged several unsolicited altcoins for 439.25 ETH.
ETH Price Analysis
Shifting focus to Ethereum’s current price, as of March 4, it is trading around $3,500, marking a 5% increase from the 24-hour low of $3,365. Ethereum’s price has held its range low at $884.51 since early 2021, with the peak at $4,485.32 acting as a significant resistance.
Looking ahead, a potential catalyst for Ethereum could be a close above $3,602.43, likely leading to a continuation toward the January 2021 peak.
Filed under: Bitcoin - @ March 4, 2024 11:07 am