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.