Ethereum Foundation Sells $2.38M in ETH Amid Ongoing Price Declines
Ethereum’s price has been on a downward trend, with recent substantial transfers by the Ethereum Foundation catching the eye of observers.
According to on-chain data, one of the foundation’s wallets recently moved 1,000 ETH, valued at about $2.38 million, to a multi-signature wallet. This transfer took place early at 05:46 AM UTC and is part of a series of significant movements by the foundation in recent times.
The wallet that received the 1,000 ETH now holds a balance of 1,678 ETH, valued at approximately $3.98 million. Apart from ETH, the wallet contains more than 32 different tokens, totaling $98,755 in value.
As per Lookonchain, the multi-signature wallet subsequently transferred the ETH tokens to another wallet labeled “0xd779,” which then exchanged the ETH for DAI stablecoin. This activity mirrors past actions of the Ethereum Foundation, especially in recent months.
Several weeks ago, 35,000 ETH was sent from the Ethereum Foundation to the Kraken exchange wallet when the price of ETH stood at $2,688. This transfer sparked discussions suggesting that the foundation was offloading ETH tokens at higher prices.
Lookonchain estimated that since January 2021, the Ethereum Foundation has liquidated over half a billion dollars in ETH.
In a noteworthy event in July, an Ethereum Foundation-associated wallet that had been dormant for seven years was reactivated. It subsequently moved 92,500 ETH, valued at $290 million, to a new address, creating a buzz within the blockchain community.
In the same month, Ethereum Foundation and ICO-linked wallets shifted ETH tokens worth $12.5 million to the Kraken exchange. One of these wallets had received ETH from the foundation and an ICO participant, depositing a total of 17,886 ETH since June.
Another wallet, holding ETH since Ethereum’s inception, sent 1,000 ETH to Kraken but still retained 49,000 ETH across multiple addresses at the time of reporting.
These transactions are part of a broader trend. In February, the foundation moved $13.3 million worth of ETH to Kraken after Ethereum prices exceeded $3,300, following a similar sale in January 2022 when 700 ETH were sold off. These transfers, often occurring during market volatility, continue to attract attention from market analysts.
The latest move by the Ethereum Foundation coincides with ETH facing significant bearish pressure, with a drop of over 6% in the past week.
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