In such times of distress where all crypto assets head south, including the largest altcoin, the retail public generally turns to more experienced and prominent names to look for support.<\/p>\n
In an interesting development, though, one of the key crypto figures with a long connection to Ethereum, ConsenSys co-founder Joseph Lubin, has made a large ETH transfer after years of inactivity, which stirred the pot rather than calming the public.<\/p>\n
Lookonchain shared data showing that the transfer occurred just hours ago, in which Lubin sent out 80,001 ETH (valued at over $121 million). This wallet linked to him has been inactive for over three years, and the timing now is what raised so many questions.<\/p>\n
Some asked<\/a> why he didn\u2019t sell at the very top last year when the asset neared $5,000 for the first time ever. Others believed<\/a> retail investors might follow the example in what appears to be a capitulation event.<\/p>\n However, there were those who noted<\/a> that Lubin simply needs to cover his leveraged trades on other platforms, such as MakerDAO. When an asset dumps as hard as ETH did in the past few days, the risk for forced closures (liquidations) skyrockets unless the trader provides more liquidity or collateral.<\/p>\n Is #Ethereum<\/a> co-founder Joseph Lubin(@ethereumJoseph<\/a>) preparing to dump $ETH<\/a>?<\/p>\n A wallet linked to Joseph Lubin, which holds 243,300 $ETH<\/a>($370M), transferred out 80,001 $ETH<\/a>($121.6M) after more than 3 years of inactivity.https:\/\/t.co\/s6lzxlNpRy<\/a> pic.twitter.com\/f0hyWvQBAm<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) June 6, 2026<\/a><\/p>\n\n Lubin\u2019s intentions remain unclear at the moment, but the general consensus (no pun intended) in the comments below Lookonchain\u2019s post is that the transfer increased the overall FUD. However, there\u2019s no confirmation that he indeed sold or plans to do so.<\/p>\n Speaking on the asset\u2019s disastrous price action over the past week or so, Ali Martinez noted that ETH has hit its first bearish target at $1,560. It went even below that, and the popular analyst outlined<\/a> his second, significantly more painful one, situated at just over $1,000, which would be another 50% drop from the current levels.<\/p>\n Rekt Capital, another popular analyst with over 550,000 followers on X, supported Martinez\u2019s target. They noted that ETH has broken below the multi-year uptrend line and there\u2019s a solid chance it slumps toward $1,000 in the not-so-distant future. It\u2019s worth noting that the world\u2019s largest altcoin hasn\u2019t traded at such low levels since the 2022 bear market.<\/p>\n $ETH<\/a><\/p>\n Ethereum has finally broken down from the multi-year uptrend line<\/p>\n The multi-year technical uptrend is over<\/p>\n Price has revisited the orange area for the first time since early 2025<\/p>\n If price Monthly Closes beneath orange and turns it into new resistance, there\u2019s a good\u2026 https:\/\/t.co\/0OCG5J6xGd<\/a> pic.twitter.com\/ek8SrG7qzk<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) June 5, 2026<\/a><\/p>\n\n The post Is Joseph Lubin Abandoning Ethereum as Analysts Warn of a $1K Crash?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In such times of distress where all crypto assets head south, including the largest altcoin, the retail public generally turns to more experienced and prominent names to look for support. In an interesting development, though, one of the key crypto figures with a long connection to Ethereum, ConsenSys co-founder Joseph Lubin, has made a large […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-175816","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/175816"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=175816"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/175816\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=175816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=175816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=175816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Will ETH Dump Toward $1K?<\/h2>\n