Ethereum Foundation transfers $100M worth of ETH to Kraken

Thursday’s large Ethereum transfer to Kraken has been on the headlines after catching the eye of the crypto investors. 20,000 ETH, worth around $100 million, has been transferred to the exchange giant Kraken, but instead of the transaction, the hot topic is the sender: Ethereum Foundation. 

As per the record by Etherscan, the transaction took place at 14:56 UTC on November 11. The data also revealed that this transaction is very similar to a previous transaction estimated worth $112 million on May 17, after which the token saw a massive crash leading to an ETH price downfall of 61%. 

FUDS have flooded the market following the recent transactions speculating a major downfall in ETH price. The famous Twitter handle, Mr. Whale, who is known for bringing skeptical points against the bullish outlook, brought the light on the Etherescan data. He reminded the users of the 61% dump that happened six months back.

Is Ethereum going to witness another dump?

Previously, before the Ethereum Foundation transferred 35,000 ETH, Ethereum was roaming around $4,000. But as soon as the transaction happened, the largest altcoin dived to the $1,700 level. However, in August, the coin recovered and went up by 35%. The recovery continued to October, when the coin rallied up by 40%. 

But the biggest question is whether the recent transaction will lead to a major crash or not. Ethereum on-chain metrics is implying bullish scenarios, and Santiment shows that the ETH address activity has surged by 48%, which is also a result of Ethereum Naming Service (ENS) addresses’ surging.

As TheCoinRise reported today, the market cap of ENS crosses the $1 billion mark within three days of its airdrop, which is also a bullish signal for the coin. The bullish indication by market indicators clearly refuses any dump signs, which is also confirmed by the experts’ speculations that the major bull has arrived.