Strategy, the largest institutional Bitcoin investor, dealt another severe blow to the already weak market last week after selling its BTC.
Bitcoin has fallen as low as $60,000, a level last seen in February, while Ethereum, the largest altcoin, has dropped to around $1,500.
During a period when the Ethereum (ETH) price was experiencing difficulties, a move involving 110,000 ETH, worth over $170 million, was made.
$170 Million Ethereum Transfer!
According to reports, a wallet linked to Ethereum co-founder Joseph Lubin made a large transfer of ETH after approximately three years.
According to Onchain Lens, an on-chain data analytics platform, a wallet allegedly linked to Joseph Lubin transferred approximately 110,000 ETH, worth about $170 million. These transfers were made to three different wallets.
Although the transfers, made in three installments, caused unease in the market, it is estimated that the funds were transferred not for selling purposes, but to be used as collateral for open positions. In this context, it is stated that the transfers were deposited as additional collateral in the Sky (formerly MakerDAO) protocol.
Joseph Lubin made headlines with his 110,000 ETH transfer, and he also made some important statements.
Speaking to Coindeks, Lubin addressed the recent changes at the Ethereum Foundation, arguing that these changes represent evolution, not a crisis.
Lubin characterized the recent budget cuts, staff departures, and leadership changes at the Ethereum Foundation as a necessary evolution rather than a crisis.
Lubin argued that the foundation should adopt a decentralized structure, focus on the protocol’s core technology and value management, and remain neutral. “The work currently underway at the foundation is to separate protocol management from commercialization,” Lubin said.
“Ethereum Is Not Falling!”
Lubin also stated that he opposes the ‘Ethereum decline theory’ that has emerged in the market.
“Ethereum is definitely not in decline. While the cryptocurrency market is receiving relatively less attention lately due to artificial intelligence (AI) attracting investor interest, this is temporary.”
However, Lubin added that he believes the next big wave will be the AI sector, meaning an economic model where humans and machines merge and use blockchain as infrastructure, and this will boost Ethereum.
*This is not investment advice.
Continue Reading: One of Ethereum’s Prominent Figures Made a $170 Million Move, Shaking Up the Market! – He Spoke About the ETH Drop!