Teams and Companies Are Buying and Selling in Bitcoin and Those 3 Altcoins!

The cryptocurrency market had a turbulent day today with the Ethereum Foundation’s large ETH transfer and subsequent price fluctuations. In parallel with this development, the interest of institutional investors such as Amber Group and Susquehanna International Group in crypto assets, including Bitcoin, has also increased noticeably.

Is the Ethereum Foundation selling ETH?

In a move that sent shivers down the spines of crypto enthusiasts, the Ethereum Foundation, the non-profit organization responsible for supporting the development of Ethereum, transferred a significant amount of ETH (Ethereum) to a multi-signature address on May 8, 2024. This $3 million transaction triggered fears of a potential price drop for Ethereum, especially given historical data suggesting that similar transfers occurred before previous price drops.

Known for their advanced security, multisignature addresses require more than one digital signature to authorize transactions. According to on-chain analytics platform Spotonchain, the Ethereum Foundation transferred 1,000 ETH to the specific multi-signature address (0xbc9) on the same date. Interestingly, this is not an isolated incident. The foundation has reportedly sold a total of 1,766 ETH for approximately 4.81 million DAI (another cryptocurrency) since the beginning of 2024 at an average price of $2,725, all of which were directed to the same multi-signature address.

These sales, carried out in small groups, coincided with subsequent declines in the Ethereum price. While this naturally raises concerns about a potential downtrend, it is crucial to consider the broader market context. At the time of this writing, Ethereum was already trading in the red, consistent with the Foundation’s transfer, potentially raising fears based on historical data. Adding fuel to the fire, the ETH price has indeed experienced a significant drop. As of now, the token has fallen by 3.14% in the last 24 hours and is currently trading at $3,002.

Bitcoin, LDO and FET transactions coming from companies

While Ethereum’s price action dominates the headlines, there are other notable developments taking place in the crypto space. Large institutions appear to be diving deeper into the crypto pool, with significant investments recently announced.

• Amber Group: This leading crypto finance company has reportedly transferred 500,000 Lido DAO (LDO) tokens worth $980,000 to Coinbase after a one-month hiatus. This move comes as Amber Group still holds a significant LDO position worth $11.88 million.

• Fetch.ai Foundation: Two wallet addresses were identified that deposited a total of 1.47 million FET tokens (Fetch.ai’s native currency, worth approximately $3.59 million) to Binance after receiving them from the Fetch.ai Foundation.