Ethereum Foundation Transfers 1,000 ETH to Kraken Amid Market Instability
On April 22, 2025, a wallet associated with the Ethereum Foundation transferred 1,000 ETH (approximately $1.58 million) to the Kraken exchange. This transaction has raised concerns amid an environment of price instability and increased sell pressure.
Transfer Details and Market Reaction
- The transferring wallet, identified as 0xddB…121A, has a history linked to the Ethereum Foundation, having received over 84,000 ETH around ten years ago.
- This initial amount, worth about $134 million now, was acquired when ETH traded at approximately $1.20.
- The wallet also sent 5,000 ETH to trading firm Cumberland DRW in two transactions valued at $7.31 million and $8.92 million.
- Criticism has emerged regarding large ETH holders cashing out, raising concerns about market confidence.
- Other notable sales include a transfer of 10,702 ETH for roughly $16.86 million after two years of dormancy and 5,471 ETH sold for $8.01 million.
Current Market Status
- Ethereum's price stands at $1,616.98, down 1.61% within 24 hours.
- Trading volume surged by 33.73% to $15.85 billion, indicating heightened market activity.
- Price trends show lower highs and lower lows, suggesting a downtrend but recent sideways movement may lead to volatility.
- $1,504 acts as a key support level, with potential upward movement possible.
In parallel, Ethereum co-founder Vitalik Buterin proposed a new privacy roadmap for standardized private transactions, though implementation challenges are acknowledged.