On May 17, the non-profit Ethereum Foundation transferred 35,053 ETH (~$115 million at the time of the transaction) to the Kraken cryptocurrency exchange. On that day the price moved in the range of $3,100–$3,500.
On May 19, the price of Ethereum fell by more than 50%. At the time of writing, the second-largest cryptocurrency by market capitalisation was trading at around $2,600.
The organisation still holds 394,787 ETH in its publicly known wallets.
On May 20, Vitalik Buterin described the market situation as a bubble. The Ethereum co-founder could not predict when it would burst.
“Perhaps it’s already over. Perhaps it will end in a few months,” Buterin said.
Earlier he admitted that in 2017 he persuaded the Ethereum Foundation to sell 70,000 ETH and earn $100 million at the market peak, effectively doubling his financial reserves.
Earlier, one Twitter user recounted turning $5,000 into $135,000 through scalping Ethereum.
Subscribe to ForkLog’s news on VK!