A wallet linked to Ethereum co-founder Joseph Lubin transferred 80,001 ether — worth about $121.6 million — after sitting untouched for over three years. Blockchain analytics platform Lookonchain flagged the movement on June 6, and Arkham Intelligence confirmed additional transfers from the address. The move comes as Ethereum's price slid to a yearly low of $1,537 in the past 24 hours before recovering above $1,640, deepening a downturn that has erased roughly 47% of the token's value since the start of the year.
What on-chain data shows
The wallet originally held 243,300 ETH, worth around $370 million at today's prices. Since the initial transfer, total outflows have reached 120,000 ETH, leaving a remaining balance of 133,000 ETH. The ether from the Lubin-linked address eventually entered a DSProxy wallet, but the intent behind the move is debated — it's unclear whether the funds were sold, moved to a custody arrangement, or repositioned for other purposes. Lookonchain's flagging and Arkham's data confirm the activity, but no official statement from Lubin or his affiliated entities has surfaced.
Whale activity picks up
Separate whale movements have added to market jitters. Longling Capital deposited 10,000 ETH — worth $15.68 million — to Binance, a move analysts typically read as a precursor to selling. But another whale who had previously offloaded 60,000 ETH along with 9,442 wstETH at roughly $2,040 each has started buying back. That buyer spent $55.8 million to accumulate 35,723 ETH at an average price of $1,563, according to on-chain data. That buying may signal confidence at current levels, though the broader sentiment remains fragile.
Ethereum price under pressure
Ether's drop to $1,537 — its lowest point this year — comes after months of downward drift. The token has shed nearly half its value since January, and the fresh whale movements have kept traders on edge. The recovery above $1,640 offered a brief reprieve, but the market is watching to see if that level holds. The Lubin-linked transfer, whether a sale or a custody shift, adds another layer of uncertainty to a market already grappling with low volumes and bearish momentum.
The unanswered question — what exactly happened to the 80,001 ETH — hangs over the market as ether struggles to stay above $1,600. No further transfers from the address have been reported since June 6.
