The world’s second largest cryptocurrency, Ethereum, has undergone a significant correction of over 3.5%, with its price falling below $3,700. ETH price hit an intraday low of $3,620 before recovering.

Ethereum Foundation deposits 15,254 ETH on Kraken

In a recent update from on-chain data provider LooKonChain, it was revealed that amid the Ethereum (ETH) price drop, a wallet associated with the Ethereum Foundation made a significant deposit of 15,254 ETH, equivalent to approximately $56.1 million, to the Kraken Scholarship.

This deposit, which took place just 8 hours before the announcement, attracted attention due to the provenance of the ETH in the wallet, which came from both an Ethereum Foundation wallet and another wallet that received 200,000 ETH during the initial coin offering (ICO) of Ethereum.

A recent report from Whale Alert indicates that a previously inactive pre-mined Ethereum address, with approximately $21.9 million, has become active again after nearly nine years of inactivity.

This marks the first reactivation of a pre-mined Ethereum address observed in June. Also in May, two similar addresses, one with $325,535 and the other with $5.9 million, suddenly experienced activity after a long period of inactivity.

ETH price action

According to the latest findings from the on-chain data analytics company, demand for Ethereum has increased following the approval of spot ETH ETFs in the US on May 20. Since then, daily acquisitions of ETH by long-term holders have increased to an average of 40,000 ETH, a significant increase from the average of 5,000 ETH before the announcement.

Furthermore, the report highlights a notable increase in the total assets of major ETH investors, which now stand at 16 million ETH. This figure marks an increase from the level of 15.4 million ETH prior to the ETF’s approval and early 2024, when assets stood at 14.9 million ETH.


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