Altcoins / Crypto News / Cryptocurrency / Ethereum (ETH) · November 27, 2021

Ethereum Foundation has Transferred $90 Million in ETH to Kraken for Sale

The investors of Ethereum are debating about the recent important transaction conducted by the Ethereum Foundation. The Ethereum blockchain has introduced itself as an open-sourced and decentralized cryptocurrency in the space during 2015. Since that time, the main Ethereum blockchain has been split into two parts called Ethereum classic and Ethereum 2.0.

The investors of Ether have been enjoying the consistent price rally, and consequent ATH hits during the past few weeks. However, the crypto community on social media is filled with questioning remarks about the latest move of Ethereum. As noted by the Ether blockchain explorer called EtherScan, around $90 million worth of ETH units have been sold to Kraken Exchange recently.

Selling of Coins by Ethereum Foundation

The investors and analysts in the cryptocurrency space are curious about the latest move made by the Ethereum Foundation. It is not any special occurrence because Ethereum keeps selling its crypto units from time to time in exchange for fiat currencies. As per the Ethereum Foundation, this money covers the operating costs of running the blockchain ecosystem.

Nevertheless, the investors are discussing the timing of this transaction. Many investors claim that the $90 million ETH volume is not enough to affect the price movement of the $500 billion market cap blockchain project. It is worth noting that Kraken exchange is a fully centralized cryptocurrency exchange.

Near $100 million ETH tokens sold to the Kraken exchange is considered as a sign of the peak Ether 2.0 prices for the current bull run. It is customary for Ethereum Foundation to sell its reserves close to the 3% to 5% of the local top. Many investors have pointed out that the sold Ether tokens only make up for the 0.1% of the total trading volume for the silver blockchain.

The Ethereum Foundation members have claimed that the company aims to provide support for its ecosystem. If the Ethereum blockchain has a centralized management, the marketing as a decentralized blockchain can be questioned. The organization has also clarified that it does not monopolize the process of project development on the network.