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Joseph Lubin’s $122 Million Move Sparks Sell-Off Fears for <a href="https://minority-mindset.com/eth-usd/">Ethereum</a>

Joseph Lubin, one of the creators of Ethereum, recently transferred 80,001 ETH – approximately $122 million worth – from a wallet that hadn’t been used in over three years. This move sparked concerns that insiders might be selling their holdings, contributing to a drop in the token’s price towards $1,500.

The transaction was notable because wallets belonging to the project’s original creators usually stay inactive during times of market uncertainty. Blockchain data revealed the transferred ether wasn’t sent to any exchange, which cast doubt on initial assumptions that someone was selling it and contributing to price drops.

Why The Lubin Transfer Rattled Traders

As of right now, Ethereum is worth $1,575, which is about 5.9% lower than it was 24 hours ago, according to data from BeInCrypto.

As an analyst, I’ve been tracking the token’s performance, and it’s down around 22% over the last week. This significant drop has made investors particularly reactive to any substantial price changes – everyone’s watching closely now.

Alex Svanevik, an analyst at Nansen, initially noticed 40,000 ETH leaving an exchange, but later updated that number to 80,000 ETH after discovering two separate transactions.

Analysts who study blockchain transactions quickly identified the digital wallet linked to Joseph Lubin, which currently contains approximately 243,300 ETH, valued at around $370 million.

There’s speculation that Ethereum co-founder Joseph Lubin might be selling some of his Ether ($ETH). A digital wallet believed to be associated with him recently moved 80,001 $ETH (worth about $121.6 million) after being inactive for over three years. The wallet originally held 243,300 $ETH, valued at approximately $370 million.

— Lookonchain (@lookonchain) June 6, 2026

The news came at a sensitive time, adding to worries already present in the market. Demand for immediate-purchase Ethereum ETFs had already decreased, and people were buying less Ethereum as its price began to fall.

On-Chain Data Points To MakerDAO, Not An Exchange

The pessimistic outlook focused on the potential next steps for the cryptocurrency. Transferring coins to an exchange usually suggests someone plans to sell them.

One user noted that if any of this supply is quickly sold on exchanges during a period of existing market weakness for Ethereum, it could significantly increase selling and drive prices down.

But data from blockchain trackers told a different story. The ether was sent to two digital wallets and then used as collateral in MakerDAO, where approximately $209 million worth of Dai (DAI) was borrowed against it.

That pattern points to collateral management aimed at reducing liquidation risk, not distribution.

Joseph Lubin, co-founder of Ethereum and founder of Consensys, recently moved $123.5 million worth of Ether (ETH) – 80,000 ETH – to two different wallets. He then used this ETH as collateral within the MakerDAO system, likely to lower the chance of his collateral being liquidated. He currently holds $209.26 million worth of assets.

— Onchain Lens (@OnchainLens) June 6, 2026

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As an analyst, I’ve always known Lubin to be very optimistic about Ethereum. So, seeing him sell near recent lows doesn’t quite fit with the typical pattern of someone exiting a position – it’s a bit of an unusual signal, and I’m trying to understand what it means.

Whether the remaining 243,300 ETH stays parked will likely shape near-term sentiment.

Traders are now looking for evidence that cryptocurrency is being moved to exchanges for selling, rather than being used as security in decentralized finance applications.

Ethereum ETF Flows Add To The Pressure

Ethereum ETFs saw a small inflow of $19.3 million on June 4, temporarily stopping a 17-day streak of net outflows, according to data from SoSoValue.

However, outflows resumed the next day, with about $6 million leaving on June 5.

The quick price change highlighted how easily shaken investor confidence is, especially after recent losses and a general move away from risky crypto investments.

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2026-06-06 14:17