According to Ethereum Blockchain explorer, the Ethereum Foundation was seen transferring about $100 million worth of ETH to the centralized cryptocurrency exchange Kraken. Here are the details of the transactions on the leading altcoin Ethereum…
Mobility in the leading altcoin ETH
According to the trading page on Etherscan, $100 million worth of ETH was transferred on the night of November 11. At the time, Ethereum was trading around $4,810. The transaction itself is nothing out of the ordinary, as the Ethereum Foundation is constantly selling crypto funds to buy the fiat currencies that support the organization’s activities. But the main concern of the majority of users was the timing of the foundation. Based on Ethereum’s market history and on-chain data, the foundation tends to sell its holdings at 3-5 percent near the next local peak.
The amount sold by the foundation does not even reach 0.1 percent of Ethereum’s daily trading volume; therefore, it is thought that it cannot directly affect the price. The Ethereum Foundation is an organization dedicated to the support of the Ethereum ecosystem, which includes updating, maintaining and continually improving the network. cryptocoin.com As we reported, the company claims that it only exists to support the ecosystem, not to steer or control the ecosystem. In addition, the organization claims that it does not have a monopoly on the development of the network.
At the time of writing, Ethereum is changing hands at $4,640, down 2% on a daily basis. ETH, the second largest cryptocurrency by market capitalization, has gained 2 percent in the last 7 days. The market value of ETH is around 550 million dollars. The largest altcoin broke the record with $ 4,878 about 2 days ago.
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