Ethereum Foundation Moves $21.5M Worth of ETH to Kraken, Sparking Sell-Off Speculation

The Ethereum Foundation, the non-profit organization funding the critical development of Ethereum-related technology, has transferred a significant amount of Ether (ETH) to the popular cryptocurrency exchange Kraken

The Ethereum Foundation, a non-profit organization critical to the development of Ethereum-related technology, has moved a substantial amount of Ether (CRYPTO: ETH) to the popular cryptocurrency exchange Kraken, an interesting development considering its past wallet movements.

According to SpotOnChain, wallets belonging to the Ethereum Foundation and participants in the Ethereum initial coin offering (ICO) have moved $12.5 million and $9 million of the second-largest cryptocurrency, respectively, to the exchange.

These two wallets have collectively deposited 17,886 ETH, valued at approximately $65 million, into the centralized cryptocurrency trading platform since early June, suggesting a possible sell-off.

At the time of writing, Ethereum is trading at $3,400, having risen over 10% in the past week and 77.9% over the last 12 months. This comes amid a broader cryptocurrency market rally that has seen the price of Bitcoin (CRYPTO: BTC) reach a new all-time high above the $73,500 mark. However, prices have experienced a slight correction, with BTC trading at $64,000 at the time of writing.

It is noteworthy that the Ethereum Foundation has previously cashed out ETH at the very top of the bull market. In one instance, 20,000 ETH was moved to Kraken when the cryptocurrency was trading close to $4,900, marking its all-time high at the time.

On another occasion, the Foundation moved 35,000 ETH to Kraken after Ethereum co-founder Vitali Buterin suggested that the cryptocurrency market could be set to turn around.

Data shows that the Ethereum Foundation’s wallets still hold over $1 billion in cryptocurrency, with Ethereum making up the majority of those holdings at 310,127 ETH. The Foundation also has 214 wrapped Ether (WETH), $285,000 in DAI, $151,000 in Tether’s (CRYPTO: USDT) USDT, and $123,000 in USDC.

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