As a researcher with extensive experience in the cryptocurrency market, I find these recent developments in Ethereum (ETH) intriguing. The correction we witnessed in the price of Ethereum, which dropped below $3,700 before recovering, is not an uncommon occurrence in this volatile market. However, the significant deposit of 15,254 ETH from a wallet associated with the Ethereum Foundation into Kraken just hours before the announcement caught my attention.
As a market analyst, I’ve observed that Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, experienced a correction of over 3.5% yesterday. The ETH price dipped below the $3,700 mark and reached an intraday low of $3,620 before rebounding.
Ethereum Whale Deposits 15,254 ETH to Kraken
As a crypto investor following the latest developments, I’ve come across an intriguing piece of news from LooKonChain’s recent update. It appears that during Ethereum’s price downturn, a wallet linked to the Ethereum Foundation transferred 15,254 ETH, worth roughly $56.1 million at current rates, to the Kraken exchange.
Eight hours before the announcement, a significant deposit emerged, drawing interest due to the ethereum in the associated wallet coming from both the Ethereum Foundation’s wallet and another wallet that had received a large allocation of 200,000 ETH during the Ethereum Initial Coin Offering (ICO).
Eight hours ago, a wallet connected to the Ethereum Foundation transferred 15,254 Ethereum tokens (worth approximately $56.1 million) to the Kraken exchange as the ETH price began to decline.
This wallet holds Ethereum (ETH) that originated from two sources: an Ethereum Foundation wallet and one that was allocated 200,000 ETH during the Ethereum Initial Coin Offering (ICO).
— Lookonchain (@lookonchain) June 8, 2024
As a seasoned crypto investor, I’ve kept a keen eye on the latest developments in the Ethereum (ETH) community. Recently, I was intrigued by a noteworthy finding from Whale Alert: an inactive Ethereum address, harboring around $21.9 million worth of ETH, has sprung back to life after a long slumber of almost nine years.
As a researcher studying transactions on the Ethereum blockchain, I’ve noticed an intriguing development: In June, an Ethereum address that had been inactive since May was suddenly reactivated. Interestingly enough, two other addresses, one holding approximately $325,535 and the other around $5.9 million, experienced similar sudden activity after prolonged periods of dormancy in May.
An Ethereum address holding 6,000 ETH (equivalent to approximately 21.9 million USD) that had previously remained inactive for over 8.9 years has now been activated.
— Whale Alert (@whale_alert) June 7, 2024
ETH Price Action Ahead
Based on recent insights from an Ethereum data analysis firm that monitors on-chain activity, there has been a notable rise in demand for Ethereum since the approval of spot ETH Exchange Traded Funds (ETFs) in the United States on May 20th. The daily purchase of Ethereum by long-term investors has jumped to approximately 40,000 ETH, representing a substantial increase compared to the 5,000 ETH average prior to the announcement.
The report brings to light a significant surge in the Ethereum holdings of major investors. Currently, they own approximately 16 million ETH. This number represents a rise from the 15.4 million ETH held before the approval of the ETF and a jump from the 14.9 million ETH held at the beginning of 2024.
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2024-06-08 12:04