Ethereum co-founder Joseph Lubin transferred 80,001 ETH (worth ~$122 million) from a dormant wallet that had not moved in over three years, as ETH slid toward $1,500. The transaction sparked immediate sell-pressure fears, but on-chain analysis revealed the funds were deposited into MakerDAO as collateral to borrow $209 million in DAI, indicating collateral management rather than distribution to exchanges.

Key facts

• 80,001 ETH worth $122 million moved from a wallet dormant for over 3 years.
• ETH price dropped 5.9% in 24 hours and 22% over the past week.
• Nansen analyst Alex Svanevik flagged the transfer, initially reporting 40,000 ETH.
• On-chain data shows the funds were supplied to MakerDAO as collateral, not sent to an exchange.
• Spot Ethereum ETFs saw a brief inflow on June 4 but resumed outflows the next day.

KeyAudit data perspective