Luke Martin, a popular travel blogger and vlogger on YouTube, recently shared his insights on the Ethereum Foundation’s transfer of 15,000 ETH to the cryptocurrency exchange Kraken. Despite the massive transfer, Martin remains optimistic about the future of ETH, predicting a bullish return for the cryptocurrency.
On May 5, Vitalik Buterin, the co-founder of the Ethereum blockchain, transferred 200 ETH worth $400,000 to Kraken. Shortly thereafter, the Ethereum Foundation made a massive transfer of 15,000 ETH, amounting to $30 million, to the same exchange. This sudden move of such a large amount of ETH has created ambiguity and pressure among investors and traders, who are worried about the possibility of increasing ETH price pressure.
Martin, after a detailed study of the Ethereum Foundation’s ETH selling history, shared a Twitter thread citing “5 of their last sells were local tops.” In his video, Martin shared a sketch of Buterin’s and the Ethereum Foundation’s strategy in periodically selling their total ETH holdings, which is nearly 2.9 million, to fund the development of the Ethereum ecosystem.
While the transfer of ETH is focused on the benefit of the platform, Martin notes that it could sometimes have a negative impact on the crypto space as a whole. The sale might “spook the market” as the platform is a huge holder of ETH. However, Martin points to the massive sale of 80,000 ETH at nine dollars in 2017, indicating that the current sale isn’t a cause for concern. He expects the occurrence of “bullish news” that would follow the dumping of ETH.
Investors have held confidence in the cryptocurrency’s bullish tendency, but the huge dumping of ETH has raised concerns among them. The sudden move has created ambiguity and pressure among investors and traders, who are worried about the possibility of increasing ETH price pressure. However, Martin remains optimistic about the future of ETH, predicting a bullish return for the cryptocurrency.
In conclusion, the transfer of 15,000 ETH to Kraken by the Ethereum Foundation has created concern among investors and traders. However, Luke Martin remains optimistic about the future of ETH, predicting a bullish return for the cryptocurrency in the future. As the Ethereum Foundation continues to sell their total ETH holdings to fund the development of the Ethereum ecosystem, investors will be closely watching for any signs of bullish news.