Ethereum co-founder Joseph Lubin transferred 80,001 ETH, valued at over $121 million, from a long-dormant wallet, sparking concerns of a potential sell-off amid a severe market downturn. The transaction followed Ethereum‘s price breaking below a critical multi-year support level, with analysts warning of a potential further drop toward the $1,000 mark.
A major transaction from a wallet linked to Ethereum co-founder Joseph Lubin has drawn significant attention amid a market-wide decline. The wallet, inactive for over three years, transferred 80,001 ETH, worth over $121 million, according to data shared by Lookonchain.
Some observers asked why the transfer didn’t occur when ETH neared $5,000 last year. Others speculated it could signal a capitulation event that retail investors might follow.
Alternative explanations noted the funds could be needed to cover leveraged positions on platforms like MakerDAO to avoid liquidations. Lubin’s specific intentions for the substantial transfer remain publicly unconfirmed.
Concurrently, analyst Ali Martinez outlined that ETH had reached its first bearish target at $1,560. He identified a second target situated just over $1,000, which would represent a drop of roughly 50% from current levels.
Analyst Rekt Capital supported this technical outlook, noting “Ethereum has finally broken down from the multi-year uptrend line.” They stated that if the price confirms the breakdown, a move toward $1,000 is plausible.
The combined event of a key founder’s large movement and a critical technical breakdown has increased market uncertainty. Ethereum has not traded near the $1,000 level since the 2022 bear market.
