Key Points
- The Ethereum Foundation transferred 1,000 ETH to Kraken, leading to concerns about a potential selloff.
- Several large ETH holders have been cashing out recently, adding to market uncertainty.
A wallet associated with the Ethereum Foundation recently moved 1,000 ETH, approximately $1.58 million, to the Kraken exchange.
This transaction, which took place on April 22, 2025, was tracked by Lookonchain and has sparked worry among the crypto community due to Ethereum’s price instability and growing sell pressure.
Details of the Transfer
Lookonchain’s data reveals that the wallet, identified as 0xddB…121A, is not a new entity for the Ethereum Foundation.
Around ten years ago, this wallet received over 84,000 ETH from the Ethereum Foundation when the coin was valued at $1.20. At present, this amount is worth roughly $134 million.
In recent times, there has been increased activity from this wallet. It made two transfers of 5,000 ETH each to trading firm Cumberland DRW, valued at $7.31 million and $8.92 million respectively.
These transactions have raised eyebrows in the crypto world, with many expressing concern over what seems to be a trend of large ETH holders cashing out. This could indicate a lack of confidence or preparation for a further drop in price.
Other Large ETH Sales
Adding to the pressure, other large holders, or ‘whales’, have also been selling significant amounts of ETH. One such whale, after two years of inactivity, sold 10,702 ETH for approximately $16.86 million.
Another whale, linked to World Liberty Financial, sold 5,471 ETH for $8.01 million. A third wallet, inactive for seven years, transferred 2,000 ETH to Kraken, a transaction valued at $3.11 million.
These sales, along with the Ethereum Foundation-linked movement, have contributed to a wider sentiment of caution as more ETH continues to reach exchanges.
Ethereum Price Trends
At the time of writing, Ethereum is priced at $1,616.98, down by 1.61% in the past 24 hours. Trading volume has risen sharply by 33.73% to $15.85 billion, indicating increased market activity and possibly fear-driven selling.
Ethereum’s price chart shows a series of lower highs and lower lows, signaling a downtrend. Despite this, the second-largest digital asset has been moving sideways for the past 10 days. Based on general market perception, this could lead to a volatile move that might reverse the current trend.
This range-bound movement suggests that volatility is compressed, and a breakout could trigger a significant price move. With $1,504 serving as a key support level, there is a strong chance for a move upward. However, the Ethereum price outlook remains neutral given the uncertainty around Trump’s tariff tension.
In related news, Ethereum co-founder Vitalik Buterin has proposed a new privacy roadmap to standardize private transactions. The roadmap, published on April 11 in the Ethereum Magicians forum, has sparked interest. However, integrating zero-knowledge technology may not be easy as acknowledged by many in the market.
