Key Takeaways:
A wallet linked to Ethereum co-founder Joseph Lubin moved 110,000 ETH valued at $170 million on June 6, blockchain data shows.
"The transfer was a collateral management strategy, not a liquidation event," Onchain Lens, a blockchain analytics firm, said in a post on X.
The ETH was deposited into three Sky protocol vaults — the rebranded MakerDAO — that collectively hold 412,430 WETH as collateral against $259 million in DAI loans. The liquidation thresholds stand at $899, $1,020 and $1,056 per ETH, giving the position roughly 33 percent cushion above the nearest trigger point at current prices, according to Onchain Lens data.
The move comes as Ethereum faces intense selling pressure, with the token down 24 percent in the past week and 47 percent year-to-date. A further drop below $1,540 could push the position closer to liquidation, while a sustained hold above that level may allow a relief rebound toward $1,693, according to analyst Ali Charts.
The wallet had remained inactive for more than three years before Saturday's activity, which was executed across three separate transactions: 40,000 ETH worth $61.9 million, another 40,000 ETH worth $61.7 million and 30,000 ETH worth $47.1 million. The source wallet still holds about 133,299 ETH valued at roughly $211 million, indicating Lubin's overall position remains largely intact.
One of the receiving wallets had previously drawn analytical attention. In February, Onchain Lens documented the same address holding 137,908 ETH with $107.77 million in borrowed DAI. Saturday's deposit expanded that vault's collateral to 177,908 WETH.
Lubin, who also serves as founder and chief executive officer of Consensys, did not issue a public statement regarding the transactions. Consensys is evaluating potential public market listing options with JPMorgan and Goldman Sachs providing advisory services, according to earlier reports.
Ethereum traded near $1,586 during the transaction window, representing a nearly 5 percent decline within 24 hours. The token briefly surrendered its second-place ranking among cryptocurrencies by market capitalization to Tether's USDT on Saturday. The broader selloff saw $271 million in long position liquidations across exchanges during the 24-hour period, according to Coinglass data.
U.S. spot Ethereum ETFs recorded a net outflow of $5.97 million on June 5, while Bitcoin ETFs saw larger outflows of $326 million during the same session. Technical levels show Ethereum has broken below $1,873 and $1,693, two levels that had previously acted as support, bringing ETH into a major demand area between $1,540 and $1,590.
The Lubin transaction coincided with position adjustments from other notable Ethereum stakeholders. Bankless co-founder David Hoffman publicly disclosed reducing his ETH holdings on May 20. Separately, an early Ethereum participant liquidated approximately 55,000 ETH and 9,442 wstETH totaling $136 million at an average execution price of $2,041, according to blockchain data.
This article is for informational purposes only and does not constitute investment advice.
