๐Ÿ”ฅ Ethereum Foundation Withdrawals โœ…

    Ethereum Foundation wallet today has withdrawn 15.000 ETH (~$30m) and deposited them all to Kraken exchange. Some predict the price of ETH would fall as they might be taking profits right before a downtrend season. However, is it safe to say so? ๐Ÿค”

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    We have combined ETH price with their withdrawal transactions to see if there is a correlation between these 2 indicators. ๐Ÿค“

    Eventually we found out a few things:

    Since Dec 2020, every large ETH withdrawn was all transferred to Kraken exchange.

    It is very unsure to say price always dumped whenever they deposited to Kraken as:

    • In Dec 2020, 100k ETH were deposited on Kraken โ†’ ETH price soared within the next 2 months.
    • In March 2021, 28k ETH โ†’ Price dumped after one week.
    • In May 2021, 35k ETH โ†’ Price dumped immediately.
    • In Nov 2021, 20k ETH โ†’ Price dumped immediately.

    What about this time?

    Check it out below.

    Please note that Flipside database only tracks transactions after May 2021 so you cannot see the 2 large transactions before then.

    Referenced Transactions
    All Withdrawal Transactions from EthDev Team since May, 2021