Ethereum (ETH), the second largest cryptocurrency by market capitalization, underwent renewed drop in the middle of a generalized market crash. After reaching a summit in mid -December of $ 4,107, still below its November 2021 summit of $ 4,868 – ETH slipped below $ 1,800, marking a decrease of 53% compared to its December summit. But while traders are jostling to assess the depth of this current slowdown, a new chain development has momentarily stolen the spotlight.
Is it really the Ethereum Foundation?
A transaction reported by the Lookonchain chain analysis service has made the alarm this week, suggesting an alleged risk of liquidation for the Ethereum (EF) Foundation. Lookonchain reported via X: “A portfolio suspected of being the Ethereum Foundation filed 30,098 ETH ($ 56.08 million) to reduce the liquidation price 5 hours ago. Currently, this portfolio has 100,394 ETH ($ 182 million) on Maker, and the liquidation price is $ 1,127.06. »»
The extent of the transaction – worth $ 56.08 million in eth eth deposits – was considered a widespread speculation on the potential EF exposure. Lookonchain data implied that 30,098 ETH (around 182 million dollars) were used to support a Makerdao safe with a liquidation threshold $ 1,127, a recent pivot level price level.
The Chinese news store in Crypto Wu Blockchain was among the first to circulate history. However, shortly after, Wu Blockchain offered a clarification based on the analysis of Arkham Intelligence.
The update analysis indicates that portfolio connections to the Ethereum Foundation may have been overestimated. The address, it seems, belongs to a first ETH investor who formerly interacted with official EF portfolios but which has since managed the funds independently. The deposit of 30,098 ETH was probably a strategic decision to strengthen the guarantees and reduce the price of liquidation of the Makerdao vault during a slowdown in the market.
Wu Blockchain noted via X: “Correction: although 0x22… 1246 was reported by Arkam as a suspected Ethereum Foundation address, chain data confirm the opposite. Although this address received a DAI 4M transfer from the ETH ETH sale from the Ethereum Foundation in May 2022, its transaction behavior and its initial ETH financing date back to Jonny.eth (0xb76), indicating that it is more likely an early ethn investor rather than the foundation itself. This address deposited 30,098 ETH in the Makerdao safe today, with a debt position in progress of 78 035 224.7182 DAI. »»
Although the liquidation price remains $ 1,127 – a level which, according to some observers, could be tested if market pressures persist – there is currently no official evidence connecting the safe to the Ethereum Foundation. Consequently, EF liquidation rumors seem unfounded, given the clarifications brought by the WU blockchain on the basis of Arkham data.
At the time of the press, ETH exchanged $ 1,925.
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