According to Lookonchain, a wallet linked to Ethereum co-founder Joseph Lubin transferred 80,001 ETH valued at $121.6 million on June 6, marking the first activity from the address in over three years. Arkham Intelligence data shows an additional 30,000 ETH was moved from the same wallet shortly after, bringing the total outflow to 120,000 ETH within hours. The wallet's remaining balance dropped to 133,000 ETH from its previous 243,300 ETH.
The transfer occurred as Ethereum faced market pressure, with ETH declining 47% year-to-date and trading near $1,640 at the time of reporting.