Ethereum Founder Vitalik Buterin and Ethereum Foundation Transfer Millions of Dollars' Worth of ETH to Kraken
Ethereum's founder Vitalik Buterin and the Ethereum Foundation recently transferred ETH worth $30 million to Kraken, while on-chain analytics platform Santiment predicts that ETH may soon break above the $2,000 level.
Vitalik Buterin, the founder of Ethereum, recently sent approximately $400,000 worth of Ethereum to the Kraken exchange. The Ethereum Foundation followed suit with a much larger transfer of nearly $30 million worth of ETH to the same platform., Buterin has been known to sell Ethereum in similar amounts periodically. The cryptocurrency is currently trading at around $1,943, and on-chain data company Santiment believes that Ethereum is on the verge of breaking above the $2,000 level.
Coinpaprika recently reported that ETH has reached an eight-month high in flows to crypto exchanges, which could signal an upcoming volatility increase. The analytics team believes that this may be similar to what was experienced after the collapse of FTX in early November and the Merge in mid-September. In a tweet, Santiment added that while "sky-high active deposits" of ETH to exchanges are the highest since November last year, ETH is now showing signs of decoupling from BTC and may be about to break above the $2,000 level.
In addition to the increased flows to exchanges, a record amount of ETH was burned at the end of the week due to the current meme coin season. The majority of meme coins run on Ethereum and are being actively moved with high ETH fees, providing a great opportunity to burn ETH and decrease the circulating supply.
