Ethereum Foundation Sends USD 95M in ETH to Kraken

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Public blockchain data indicates that an Ethereum (ETH) transaction worth ETH 20,000 (USD95m) was made from a wallet belonging the Ethereum Foundation to Kraken. The Foundation has not yet provided any information on the purpose of the large transfer.

According to Etherscan data, the funds were transferred on Thursday night UTC or Wednesday night US Time. Etherscan identified the wallet address as an Ethereum Foundation “EthDev” address.

The sending address retained ETH and other tokens valued at USD 1.68bn after the transfer.

This week’s transfer by the Ethereum Foundation follows a similar Transfer back in May when more than ETH35,000 – valued at USD 112m – were sent from Kraken.

After the May transfer, Vitalik Buterin, Ethereum founder, was asked by CNN during an interview: “Are we in a cryptocurrency bubble right now?” He replied “Yes,” before saying that it is “notoriously difficult to predict” when bubbles will end.

Reddit users discussed the large transfer on r/CryptoCurrency’s subreddit. One user even suggested that it could be because exchanges “lacking liquidity in ETH” since “nobody buys.”

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