Lubin-linked wallet moves 80,000 ETH to MakerDAO as volatility shakes markets

CoinDesk reports that a major onchain transfer tied to Ethereum cofounder Joseph Lubin has drawn attention after ETH slid to about $1,560. Blockchain data shows a wallet dormant for more than three years moved roughly 80,000 ETH, worth about $121.6 million to $123.5 million at the time. The ETH came from an address that previously held around 243,300 ETH, a stash that at one point neared $370 million in value. The newly moved funds were split across two wallets and deposited into MakerDAO, where the position is now posted as collateral to borrow about 209.26 million DAI. Onchain signals suggest collateral management or a debt restructuring, not a confirmed spot selloff. While large-wallet activity during drawdowns often stokes speculation about rising selling pressure, there is no indication yet that these holdings are heading to centralized exchanges. Any later transfers to trading platforms could sharpen market focus. ETF flows have offered little relief. On June 5, U.S. spot Ethereum ETFs recorded net outflows of $5.97 million, while spot Bitcoin ETFs saw net outflows of $326 million the same day. As capital continues to leave, ETH has broken below prior support at $1,873 and $1,693, pushing into the $1,540–$1,590 band. Traders are treating this zone as a near-term inflection area, with $1,540 a key level to watch. If buyers defend the range, a technical rebound could target $1,693 first, with $1,750–$1,790 potentially forming a new resistance zone. A breakdown below $1,540–$1,590 would put the next support area around $1,407–$1,439 in focus. Market participants also warn that continued weakness on the weekly chart could amplify downside pressure. For now, the Lubin-linked transfer shows no direct evidence of selling, but with ETF outflows persisting and price below key levels, sensitivity to upcoming onchain moves remains elevated.