According to the blockchain tracking channel Whale Alert's warning at 11:39 last night, an address (0x0dB) transferred a large amount of assets for the first time after being dormant for 7 years, up to 92,499 ETH (about 290 million US dollars). Currently, these Ethereums are still stored in wallets starting with 0xe48.. and have not been transferred to exchanges or updated before the interception.
Related to the Ethereum Foundation?
Due to the huge amount of this transfer, there are concerns about the possibility of a market crash. According to community feedback, these funds may be related to the Ethereum Foundation, but some people have said that these funds may come from early donors of the foundation. Currently, more than 20,000 ETH are still in another wallet and have not been sold or transferred yet. Signs to the exchange could also just be wallet sorting.
Ethereum once fell below $3,100
However, the culprit of Ethereum's early decline may be more related to spot ETFs. According to Nasen monitoring , 9 Ethereum ETFs had a net outflow of US$220 million yesterday (25th), of which Grayscale’s ETHE had an outflow of over US$300 million, setting the largest sell-off since trading was opened.
Real-time data shows that Ethereum once fell to US$3,087 this morning. Although it rebounded to US$3,187 at the time of writing, it still fell 1.75% in the past 24 hours; and Bitcoin's rebound during the same period appeared much stronger.
In the short term, unless Grayscale ETHE's capital outflows can improve significantly, the price will still have to bear selling pressure for a period of time.
