) to the Kraken cryptocurrency exchange, causing jitters in the market about a potential selloff event.
Even with a larger decline, ETH would be maintaining its overall recovery trend when measured from its June 2022 bottom of $880.A rising exchange balance suggests potential selling pressure rising and vice versa. In Ethereum's case, the balance remained lower across all the exchanges despite the Ethereum Foundation's transferring $30 million in to Kraken.
Despite the Ethereum Foundation's transfer, the balance across all exchanges dropped to 18.15 million ETH from 18.22 million ETH on May 6.
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