The Ethereum Foundation (EF) an organization that supports and develops the Ethereum ecosystem has moved about $29 million to the Kraken exchange.
At around 8 am on May 6, 2023, 15,000 ETH was transferred to the Kraken exchange. Currently EF wallet is holding 320,272 ETH and the amount transferred is only a small part.
ETH Foundation identifies the top of the crypto market 2023?
This is not the first time EF has transferred a large amount of ETH to the exchange. In the past, this organization has “discharged” at the top of the market in the 2018 and 2021 bull seasons.
Vitalik persuaded the ETH fund to sell 70,000 ETH at the 2018 peak, followed by a sharp drop that lasted until 2019.
The last time this fund also released 20,000 ETH on 11/11/2021 with a value of about $ 95 million at that time. It is worth mentioning that ETH price was at a peak of ~4700 USD/ETH at that time.
Although the amount that EF has moved to the exchange is not too high compared to the market capitalization of ETH. But we can see that the Ethereum Foundation has correctly identified 2 times the peak of the crypto market.
But it is not certain that this is the peak of this year because there are times when this fund has transferred a large amount to the exchange and the price of ETH is still increasing. It is quite normal for the Ethereum Foundation to sell ETH.
Because the Ethereum ecosystem also needs funds to maintain operations and organize events.
Vitalik Buterin transfers 200 ETH to Kraken
At 5pm on 5/5/2023 Vitalik also transferred 200 ETH (~384K USD at the time of writing) to Kraken exchange about 15 hours before EF’s 15,000 move.
After more than 10 hours since 15,200 ETH of EF and Vitalik was transferred to the exchange, ETH price had a slight decrease from the price of 2000 USD to 1922 USD.
Is this the sign of the crypto market peak of 2023? Everyone, please comment.