A large Ethereum transfer from a foundation-linked wallet to Kraken has sparked fears of increased sell pressure amid ongoing price weakness.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
Latest market data show that a wallet linked to the Ethereum Foundation transferred 1,000 ETH ETH $1 639 24h volatility: 1.1% Market cap: $197.80 B Vol. 24h: $16.51 B , worth about $1.58 million, to the Kraken exchange on April 22, 2025. The transfer, tracked by Lookonchain, has raised concerns in the crypto community as Ethereum faces price instability and increasing sell pressure.
Data from Lookonchain shows that the wallet responsible for the transfer, identified as 0xddB…121A, is not new to the Ethereum Foundation.
According to the update, the address received over 84,000 ETH from the Ethereum Foundation around a decade ago. This was when the coin was trading at $1.20. Based on the current price outlook, that amount is now worth approximately $134 million.
A wallet linked to the Ethereum Foundation deposited 1,000 $ETH($1.58M) to #Kraken an hour ago.
This wallet received 84,513 $ETH($134M now) from the Ethereum Foundation 10 years ago, when the price of $ETH was ~$1.2.https://t.co/ivl9tIpTzs pic.twitter.com/V0JSOcF2a9
— Lookonchain (@lookonchain) April 22, 2025
In recent weeks, the wallet has shown increased activity. It sent 5,000 ETH to trading firm Cumberland DRW on two separate occasions. The first transfer was valued at $7.31 million, and the second at $8.92 million.
These moves have drawn criticism from several corners of the crypto space, with many expressing worry about what appears to be a broader trend of large ETH holders cashing out. It could reflect a lack of confidence or preparation for further price downside.
Adding to the pressure, other whales have also entered the market with sizable sales. Coinspeaker reported that one Ethereum OG dumped 10,702 ETH for approximately $16.86 million after two years of inactivity.
Another, 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 and the Ethereum Foundation-linked movement have contributed to a wider sentiment of caution. This comes off as necessary as more ETH continues to reach exchanges.
As of this publication, Ethereum is priced at $1,616.98, down by 1.61% in the past 24 hours. According to CoinMarketCap, 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 that the cryptocurrency has made a series of lower highs and lower lows, signaling a downtrend. However, the second-largest digital asset has been moving sideways for the past 10 days despite this. 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 other 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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
