During the major cryptocurrency market decline yesterday, the transactions made by the developer foundation behind an altcoin became a subject of discussion.
According to Onchain data, as soon as the Ethereum price started to fall last night, 15,254 ETH coins worth $ 56.1 million began to be transferred from a cryptocurrency wallet linked to the Ethereum Foundation to the central cryptocurrency exchange Kraken.
This amount seems high even for an altcoin with a huge market cap like Ethereum.
However, the ETH tokens in the wallet that made the transfer in question were sent by the Ethereum Foundation, and in addition, a wallet that received 200 thousand ETH in Ethereum's initial coin offering (ICO) also sent ETH to the address in question.
The decline experienced last night came after the sudden decline in gold as a result of China ending the gold purchasing series that it had been continuing for months, and in addition to the huge decline experienced by memecoins in the live broadcast of the trader named RoaringKitty to approximately 500 thousand people.
After the decline in which the Bitcoin price saw below $69,000, BTC currently seems to be stable around $69,000. If there is another rise to the level of $ 71,000 before the decline, a short position of approximately $ 1.3 million will be liquidated from the market.
*This is not investment advice.