After Ethereum dropped to around $1,560, a large on-chain transfer linked to Ethereum co-founder Joseph Lubin drew market attention. On-chain data shows that the wallet, which had been inactive for over three years, transferred approximately 80,000 ETH, valued at roughly $121.6 million to $123.5 million at the time of the transfer.
80,000 ETH transferred to MakerDAO
This asset was previously held in an address containing approximately 243,300 ETH, with a total value that once approached $370 million. The recently transferred ETH was subsequently distributed to two wallets and deposited into MakerDAO.
Currently, this position has been used as collateral to borrow approximately 209.26 million DAI. Based on existing on-chain data, this appears more like a collateral management or debt restructuring activity rather than a confirmed spot sell-off.
Large addresses showed unusual activity during the market downturn, typically fueling speculation of increased selling pressure. However, these ETH holdings have not yet shown signs of moving to centralized exchanges. If a transfer to trading platforms occurs later, market attention may intensify further.
ETF outflows continue to suppress sentiment.
In addition to large on-chain transfers, institutional funding conditions have also shown no improvement. On June 5, U.S. spot Ethereum ETFs recorded a net outflow of $5.97 million; on the same trading day, spot Bitcoin ETFs saw a net outflow of $326 million.
As funds continue to flow out, ETH has broken below two previous support levels at $1,873 and $1,693, with price now entering the $1,540 to $1,590 range. This zone is becoming a key battleground for short-term bulls and bears.
Watch the $1,540 level for short-term movements.
If buying pressure holds within the current range, ETH may experience a technical rebound, initially targeting around $1,693. If the rebound continues further, the $1,750 to $1,790 area could become a new resistance zone.
If the $1,540 to $1,590 range is breached, the next support zone is approximately between $1,407 and $1,439. Market participants also note that if the weekly chart remains weak, downward pressure on ETH could intensify further.
Overall, this transaction involving the Lubin-linked wallet does not currently show direct signs of selling; however, amid ETF fund outflows and a price drop below key levels, the market remains highly sensitive to future on-chain activity.