Ethereum

Million

when

Foundation

Coin

<p>The world’s second-largest cryptocurrency, Ethereum (ETH), experienced a significant correction of over 3.5%, with its price falling below $3,700. The <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">ETH price</a> hit an intraday low of $3,620 before rebounding.</p> 
<h3 id="ethereum-whale-deposits-15-254-eth-to-kraken">Ethereum Whale Deposits 15,254 ETH to Kraken</h3> 
<p>In a recent update provided by on-chain data provider LooKonChain, it was revealed that amidst the decline in the price of Ethereum (ETH), a wallet associated with the Ethereum Foundation made a significant deposit of 15,254 ETH, equivalent to approximately $56.1 million, into the Kraken exchange.</p> 
<p>This deposit, occurring just 8 hours prior to the announcement, attracted attention due to the origin of the ETH in the wallet, sourced from both an Ethereum Foundation wallet and another wallet that received 200,000 ETH during the Ethereum Initial Coin Offering (ICO).</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">When the <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> price started to drop, an <a href="https://twitter.com/hashtag/EthereumFoundation?src=hash&amp;ref_src=twsrc%5Etfw">#EthereumFoundation</a>-related wallet deposited 15,254 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($56.1M) into <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a> 8 hours ago.</p> 
 <p>The <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> in this wallet comes from an <a href="https://twitter.com/hashtag/EthereumFoundation?src=hash&amp;ref_src=twsrc%5Etfw">#EthereumFoundation</a> wallet and a wallet that received 200K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> in the Ethereum ICO.<a href="https://t.co/j7KPmMt1i8">https://t.co/j7KPmMt1i8</a> <a href="https://t.co/8Oi5zWMeiC">pic.twitter.com/8Oi5zWMeiC</a></p> 
 <p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1799270904649957810?ref_src=twsrc%5Etfw">June 8, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>A recent report from Whale Alert indicates that a previously inactive pre-mined <a href="https://coingape.com/dormant-ethereum-whale-wakes-up-after-8-years-6000-eth-facing-selloff-risk/" target="_blank" rel="noopener">Ethereum (ETH) address</a>, holding approximately $21.9 million, has become active after nearly nine years of dormancy.</p> 
<p>This marks the first reactivation of a pre-mined Ethereum address observed in June. In May, two similar addresses, one holding $325,535 and the other $5.9 million, respectively, also experienced sudden activity after a prolonged period of dormancy.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a4.png" alt="💤" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a4.png" alt="💤" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a4.png" alt="💤" class="wp-smiley" style="height: 1em; max-height: 1em;"> A dormant pre-mine address containing 6,000 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> (21,962,887 USD) has just been activated after 8.9 years!<a href="https://t.co/HlrVyVZ7D6">https://t.co/HlrVyVZ7D6</a></p> 
 <p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1799141886516469777?ref_src=twsrc%5Etfw">June 7, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="eth-price-action-ahead">ETH Price Action Ahead</h3> 
<p>According to the latest findings from the on-chain data analytics firm, Ethereum’s demand has surged following the approval of <a href="https://coingape.com/eth-supply-to-drop-by-1-26-million-in-five-months-of-spot-ethereum-etf-launch/" target="_blank" rel="noopener">spot ETH ETFs</a> in the US on May 20. Since then, the daily acquisition of ETH by long-term holders has surged to an average of 40,000 ETH, a significant increase from the pre-announcement average of 5,000 ETH.</p> 
<p>Furthermore, the report highlights a notable uptick in the total holdings of major ETH investors, which now stand at 16 million ETH. This figure marks an increase from the pre-ETF approval level of 15.4 million ETH and the beginning of 2024, when holdings were at 14.9 million ETH</p> 
<p>The post <a href="https://coingape.com/an-eth-foundation-wallet-deposits-56-million-in-eth-on-kraken-eth-price-drop-soon/">Ethereum Foundation Wallet Deposits $56 Million in ETH on Kraken, ETH Price Drop Soon?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum Foundation Wallet Deposits $56 Million in ETH on Kraken, ETH Price Drop Soon?

Table of Contents

Coingape News Media

Other articles published on Jun 8, 2024

MoonBag's Top crypto presale in June 2024 is Live and Surpassing DogeVerse and Popcat

Investors Experience Turbulence with Sudden Bitcoin Drop

Massive Liquidation Detected: Is Bitcoin Heading Toward a Historical Bull Trap?

BTC Is About to Break Key Resistance on Its Way to $100K: Which Altcoins to Buy in Advance?

Is It Time To Buy Bitcoin And Altcoins? Crypto Millionaire Arthur Hayes Has The Answers

Ethereum: Breakout Above $4090 Signals Potential Long-Term Rally

Join our free newsletter for daily crypto updates!