A wallet tied to Ethereum co-founder Joseph Lubin moved 80,001 ETH after three years of dormancy, adding to bearish pressure on a token already down nearly 70 percent from its peak. Arkham Intelligence tracked the transfers in two batches of 40,000 ETH each from a wallet holding roughly 243,300 ETH worth about $370 million. The funds moved between wallets rather than directly to exchanges, leaving the intent unconfirmed.
A wallet tied to Ethereum co-founder Joseph Lubin moved 80,001 ETH after three years of dormancy, adding to bearish pressure on a token already down nearly 70 percent from its peak. Arkham Intelligence tracked the transfers in two batches of 40,000 ETH each from a wallet holding roughly 243,300 ETH worth about $370 million. The funds moved between wallets rather than directly to exchanges, leaving the intent unconfirmed.
A wallet linked to Ethereum co-founder Joseph Lubin transferred 80,001 ETH, worth about $121.6 million, after three years of inactivity.
Arkham Intelligence data shows the wallet, which holds roughly 243,300 ETH valued at about $370 million, executed the transfers in two batches of 40,000 ETH each.
ETH trades at $1,514, down nearly 70 percent from its all-time high of $4,953. The token's relative strength index sits at 13.58, marking deep oversold territory, while the MACD death cross at minus 100.44 reinforces bearish momentum beneath the EMA50 resistance of $1,845.39, Coinglass data shows. Whale liquidations have accelerated, with 31,705 ETH worth $49.25 million wiped out since midnight across two major addresses, including one that saw 41,167 ETH cleared at $1,472.09.
The Lubin-linked transfers, while not sent directly to exchanges, add to mounting sell-side pressure on ETH. Bankless co-founder David Hoffman recently disclosed he sold his entire ETH position, and an early Ethereum investor offloaded more than 55,000 ETH and 9,500 wstETH. Spot Ethereum ETFs recorded roughly $1 billion in cumulative outflows during a prolonged selling streak, signaling declining institutional appetite. The next key liquidation trigger sits at $1,472, where further slides risk cascading liquidations before any relief bounce.
This article is for informational purposes only and does not constitute investment advice.
