As Bitcoin surpasses the $60,000 mark and attempts to challenge its all-time high, the market heat has reached its peak this year. At this time, the US government and the Ethereum Foundation have been observed shifting their focus to cryptocurrencies. The Ethereum Foundation has previously cashed out at the market peak multiple times, will they make accurate predictions this time?
(Bitcoin hits 64K, Ethereum challenges 3500, long and short positions struggle to avoid liquidation.)
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US Government transfers nearly $1 billion from Bitfinex funds
Ethereum Foundation transfers ETH to Kraken
Ethereum Foundation becomes a signal indicator
US Government transfers nearly $1 billion from Bitfinex funds
According to data from Arkham Intelligence, a tracking platform, the Bitfinex address marked by Arkham as hacked funds (held by the US government) was transferred to other addresses through four transactions within two hours on the 29th.
The total amount transferred is close to $1 billion, and the purpose of the transfer is yet to be confirmed. The US government has not responded to CoinDesk’s request for comment. Previously, it was reported that the US government confiscated over 90,000 bitcoins in the Bitfinex hack case.
(Bitfinex hacked money laundering case: couple pleads guilty! Compensation for affected users after 7 years is near.)
Bitfinex fund address
Ethereum Foundation transfers ETH to Kraken
The Ethereum Foundation has also been monitored for transferring 4,000 ETH, worth about $13.3 million, to the exchange Kraken from its related address after ETH exceeded $3,300.
The last time this wallet transferred ETH to Kraken was on January 6, 2022, when the price of ETH was also at the $3,300 level.
Ethereum Foundation becomes a signal indicator
The Ethereum Foundation’s selling activity seems to be proficient in executing during market overheating, making it a short-term market top in the eyes of the crypto community.
The Ethereum Foundation previously executed a sell-off in May last year, which in retrospect, indeed coincided with a short-term peak.
(Ethereum Foundation transfers 15,000 ETH to Kraken, the end of the bull market and meme frenzy is approaching?)
ETH/USDT daily chart | Source: OKX
Bitfinex
Ethereum Foundation
Ethereum Foundation
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