Ethereum Foundation Moves Tens of Millions in ETH to Kraken, Sparking Sell-Off Fears

In recent news, the Ethereum Foundation has transferred 35,000 ETH, valued at $93 million, to the cryptocurrency exchange Kraken, possibly indicating an upcoming sale.

The significant transaction was also detected by the cryptocurrency tracking platform Etherscan, which recorded the movement of 35,000 ETH to Kraken’s deposit addresses.

An analysis of the Ethereum Foundation’s holdings reveals that the organization possesses $745 million in assets, with the majority being held in ETH and a small portion in BNB.

Historically, when the Ethereum Foundation makes large sales, it tends to coincide with a decline in cryptocurrency prices.

At the time of writing, Ethereum is valued at around $2,800 after a notable surge in the past 24 hours and has a trading volume of around $16 billion.