- The Ethereum Foundation, a non-profit organization supporting the development of Ethereum-related technology, has recently transferred 1,000 ETH, equivalent to around $3 million, to a new wallet.
- Data from SpotOnChain indicates that this recent transaction is in addition to an earlier transfer of 4,000 ETH to the same address.
- Notably, 1,766 ETH of these tokens were sold for 4.81 million DAI tokens at an average price of $2,725 per ETH, often ahead of a price drop.
The Ethereum Foundation’s recent transfer of $3 million worth of ETH to a new wallet has sparked interest among investors, given the Foundation’s history of wallet movements.
Ethereum Foundation’s Wallet Movements
The Ethereum Foundation is known for its significant wallet movements. According to SpotOnChain, the Foundation has moved an additional 4,000 ETH to the same address where the recent 1,000 ETH was transferred. Among these tokens, 1,766 ETH were sold for 4.81 million DAI tokens at an average of $2,725 per ETH, often ahead of a price drop. The new wallet currently holds 2,508 ETH worth $7.5 million.
Ethereum’s Market Performance
At the time of writing, Ethereum is trading at $2,980, reflecting a 19% loss over the last 30 days. Despite this, the cryptocurrency has seen a 61.6% surge over the past year, amidst a broader cryptocurrency market rally that saw Bitcoin reach a new all-time high above the $73,500 mark.
Previous Ethereum Foundation Transactions
The Ethereum Foundation has a history of cashing out ETH at the peak of the bull market. It previously moved 20,000 ETH to the popular cryptocurrency exchange Kraken when the cryptocurrency was trading close to its all-time high of $4,900. Earlier, the Foundation transferred 35,000 ETH to Kraken following a suggestion from Ethereum’s co-founder Vitali Buterin that the cryptocurrency market could be set for a turnaround.
Current Holdings of the Ethereum Foundation
Data shows that the Ethereum Foundation’s wallet still holds $925 million worth of cryptocurrency, with Ethereum making up $924.8 million of those holdings, amounting to 309,600 ETH. The Foundation also holds 214 wrapped Ether (WETH), $151,000 worth of Tether’s USDT, $100,000 worth of DAI, and $95,000 worth of USDC.
Conclusion
The Ethereum Foundation’s recent wallet movements have sparked interest among investors and market watchers. While the Foundation’s history of cashing out at market peaks has raised eyebrows, its current holdings still represent a significant stake in Ethereum and other cryptocurrencies. As the crypto market continues to evolve, the Foundation’s wallet movements will likely remain a topic of interest.
