- Whale wallets increased holdings, signaling growing confidence in Ethereum.
- The Ethereum Foundation has sold $52M in ETH since April.
Ethereum saw renewed activity over the weekend as large holders added significant volumes to their portfolios. Crypto analyst Ali Martinez reported that wallets holding between 100,000 and 1,000,000 ETH increased their holdings significantly over the weekend.
From July 5 to July 7, these addresses added 200,000 ETH, contributing to a price rise from under $2,900 to above $3,050.
Martinez noted a correlation between the accumulation and bullish price movement. The chart showed an apparent uptick in whale holdings, aligning with the positive shift in Ethereum’s price.
Ethereum Foundation Extends Selling Activity
CryptoQuant’s recent data was shared by analyst JA_Maartun, and the Ethereum Foundation has executed its 21st outflow since April. The latest transaction involved 1,000 ETH, valued at $2.51 million.
This brought the total ETH moved to approximately $52.82 million. Charts indicated a consistent decline in wallet balance since late June, shown by intensifying red bars.
Despite the continued movement, the Foundation still holds around 196,770 ETH, worth nearly $495 million at current market prices. The purpose of these transfers remains unknown, though analysts suggest possible reallocation or funding activity.
ETH’s price has held relatively steady between $2,600 and $2,800 during this outflow period, showing little volatility in response to the Foundation’s movements.
U.S. Government Transfers Seized ETH to Coinbase Prime
Blockchain tracking platform Arkham reported that the U.S. Government moved 86.56 ETH, worth about $219,450, to a Coinbase Prime wallet on July 7. The source wallet belongs to the FBI and originally held Ethereum seized from Chase Senecal in October 2022. The transfer followed a routine $10 test transaction.
This transaction was recorded in block #22808615 and incurred a nominal fee of $0.33. While the motive behind the transfer remains unclear, such movements typically precede liquidation or internal redistribution of seized digital assets.
At the time of writing, ETH is priced at $2,562.86, with no notable change over the past 24 hours.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
