A crypto address presumed to be owned by the ARB Foundation, a non-profit organization that supports those facing depression, has substantially transferred ETH to the Binance crypto exchange, causing apprehension within the crypto community.
In the final hours of August, a sum of 60,000 ETH valued at around $150.33 million was transferred to Binance. The current deposit of ETH has raised the total transferred amount to Binance to 90,000 ETH, valued at around $226.02 million.
The on-chain tracker, in conjunction with other members of the crypto community, has the belief that the ARB Foundation is making arrangements to liquidate its Ethereum (ETH) assets by transferring them to Binance.
The transfer of Ethereum by the ARB Foundation and other potential indicators of a pessimistic market are exerting pressure on the price of ETH, resulting in a decline.
Furthermore, the price of the leading alternative crypto is currently being tested at the 0.236 Fibonacci level on the daily chart. If this level fails to hold, it may result in a decline towards the support level of $2,116, which was created during the crash on August 5th.
