Ethereum has continued to plunge rapidly as market volatility intensifies and even long-term holders are beginning to exit their positions.
Amid the rising sell-side pressure, a major transaction has caught the attention of market watchers as a large Ethereum deposit has been traced to a wallet linked to Joseph Lubin, Ethereum co-founder.
Dormant 80,001 ETH moves after 3 years
Earlier today, blockchain monitoring platform Lookonchain shared data revealing that the Ethereum co-founder might have just sold a large amount of Ethereum for the first time in more than three years.
Per the data, a wallet linked to Lubin has moved a total of 80,001 ETH worth about $121.6 million to another wallet, which suggests that the founder was preparing to dump the Ethereum stash.
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Although the source did not identify the destination of the transfer, the move has sparked speculation across the crypto community, with some questioning whether the Ethereum co-founder could be preparing to sell part of his holdings.
Did Lubin sell?
It is important to note that there was a total of 243,300 ETH in the Lubin-associated wallet prior to the transfer. While this is worth about $370 million, it appears that Lubin has just dumped about 67% of his Ethereum holdings after three years of inactivity.
Nonetheless, it is important to note that while the move might seem like potential sell activity, there are also multiple reasons the Ethereum co-founder could have moved his Ethereum stash. Some of them include security concerns, custody changes, or staking strategies, as it is still uncertain if the tokens were transferred to an exchange.
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