Cryptocurrency experts name the main reason for Ethereum’s fall

Over the past seven days, the Ethereum Foundation has sent more than 15,000 ETH to cryptocurrency exchanges. The withdrawal of a large amount of cryptocurrency ETH $2,641.23 Bridged Ether (StarkGate) 0.88% Market capitalization $0.2 billion VOL. 24 hours $0.64 billion from several wallets was noticed by Spot on Chain.

Three addresses associated with the Ethereum Foundation have made a number of transactions with the assets. Two wallets sold 200 ETH for 744,722 DAI at an average price of $ 3724 per 1 ETH.

According to analysts, since the beginning of 2024, 2,166 ETH have been withdrawn from these addresses, which is equivalent to 6.21 million DAI. Another wallet deposited 15,255 ETH (more than $ 55 million) on the Kraken crypto exchange and sold at an average price of $ 3648 per 1 ETH. The report says that this address also belongs to the Ethereum Foundation and an early participant in the Ethereum ICO.

As noted by Spot on Chain, large transfers from Ethereum Foundation wallets to exchanges have always preceded a drop in the price of the asset. At the time of publication, Ethereum is trading at $ 3520. Over the past 24 hours, the asset’s price has fallen by almost 1%, and yesterday — by 4%.

It is worth noting that in early June, the amount of Ethereum on centralized exchanges fell to its lowest level since 2015. As of June 2, only 10.6% of the total supply of the main altcoin is stored on such platforms.