There has been significant activity in the Ethereum (ETH) market, which suggests that large investors, otherwise known as whales, are buying huge amounts of this cryptocurrency. On-chain data shows massive ETH withdrawals (valued at about $50.24 million) from top crypto exchanges over three hours.
The on-chain data revealed that a wallet associated with Cumberland, a popular crypto trading firm with institutional investors, withdrew ETH from three popular crypto exchanges: Copper, Coinbase, and Binance.
During these three hours, the trading firm withdrew a total of 27,632 ETH.
A Breakdown of the Whale’s Activity
Blockchain explorer data shows multiple instances of the cryptocurrency being transferred from the three crypto exchanges mentioned above to a specific ETH address tagged Cumberland DRW.
The continuous withdrawals within a short timeframe and the huge amounts of ETH withdrawn indicate a deliberate accumulation strategy, not isolated transactions.
Ethereum Foundation Doubles Down on Core Values
Meanwhile, the Ethereum Foundation (EF) has shared an updated vision for the future direction of the network. One aspect of this vision is a focus on the human elements that can boost the blockchain platform and no longer focus only on the network’s technical capabilities.
In this latest update, the foundation stated again that the network’s greatest assets are its vibrant community of supporters, users, and developers and the decentralized structure that enables this ecosystem to perform exceptionally well without any central authority.
This people-first strategy significantly changes how the EF is reshaping its purpose and goals. A key aspect of the announcement is the foundation’s concept of Ethereum as an “infinite garden.”
According to them, this garden is a living and evolving ecosystem where anyone can create, build, and collaborate. This concept is a reflection of the EF’s belief that the ecosystem should keep growing through community efforts.
The Foundation’s Updated Vision
The foundation announced a few areas of emphasis under this new vision. One of those is bringing Ethereum technology to more people. Another is focusing on the three core values Ethereum stands for: decentralization, openness, and privacy.
The foundation also intends to focus on specific initiatives. One such initiative is to ensure the independent implementation of Ethereum software in multiple places, with the goal of preventing single points of failure.
The foundation will also focus on zero-knowledge research, a modern cryptographic technique for better scalability and privacy of the blockchain. Another aspect of focus is community growth.
The foundation believes that a vibrant and active community is necessary for the network’s long-term success. In addition, the EF intends to ensure that the network can withstand shocks and continue to operate efficiently when faced with challenges now and in the future.
Meanwhile, this recent update arrives at a period of change in the foundation’s leadership team. New leadership will guide the network through its future growth stage while staying true to its strong foundations.
Buterin Reacts to Ethereum Foundation’s Announcement
Meanwhile, the blockchain’s co-founder, Vitalik Buterin, has reacted to the foundation’s latest announcement. According to him, the foundation’s focus should be on two primary goals.
The first is to promote the real-world use of Ethereum’s basic infrastructure. This includes the promotion of applications and use cases that can benefit from the features that make the Ethereum blockchain unique. Such features include its ability to support many decentralization applications and smart contract functionalities.
The promotion also includes expanding the blockchain’s use cases in industry sectors such as non-fungible tokens (NFTs) and decentralized finance (DeFi). The second goal, as outlined by Buterin, is to strengthen the network against attacks or failures and address weak points throughout its layers of technology.
According to current on-chain data, the leading altcoin trades at $1,825 at the time of writing, having gained 0.81% in value in the last 24 hours. Its trading volume is also up by 27.05%, reaching $16.17 billion.
