🔥 Ethereum Foundation Withdrawals ✅

    Ethereum Foundation wallet today has withdrawn 15.000 ETH (~$30m) and deposited them all to Kraken exchange.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? 🤔

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

    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    Since Dec 2020, every large ETH withdrawn was all transferred to Kraken exchange.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 → ETH price soared within the next 2 months.
    • In March 2021, 28k ETH → Price dumped after one week.
    • In May 2021, 35k ETH → Price dumped immediately.
    • In Nov 2021, 20k ETH → 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