The Etheruem Foundation, the non-profit organization funding the critical development of Ethereum-related technology, has recently moved 1,000 ETH worth around $3 million to a new wallet, raising eyebrows given the Foundation’s history with its wallet movements.
According to data from SpotOnChain, the Ethereum Foundation moved $3 million worth of the second-largest cryptocurrency by market capitalization in a transaction that has added to an additional 4,000 ETH the organization had moved to this address.
Among these tokens, the data shows 1,766 ETH have been 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 is at the time of writing trading at $2,980 after losing over 19% of its value over the last 30-day period, after a 61.6% surge over the last 12 months amid a wider cryptocurrency market rally that saw the price of Bitcoin reach a new all-time high above the $73,500 mark.
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It’s worth noting that the Ethereum Foundation famously cashed out ETH before at the very top of the bull market, moving 20,000 ETH to popular cryptocurrency exchange Kraken when the cryptocurrency was trading close to $4,900, its all-time high.
Earlier, the Foundation moved 35,000 ETH to Kraken after Ethereum’s co-founder Vitali Buterin had suggested the cryptocurrency market could be set to turn around.
Data shows that the Ethereum Foundation’s wallet currently still holds $925 million worth of cryptocurrency with Ethereum making up $924.8 million of those holdings, having 309,600 ETH on it. The Foundation also has 214 wrapped Ether (WETH), $151,000 worth of Tether’s USDT, $100,000 worth of DAI, and $95,000 worth of USDC.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/05/deja-vu-ethereum-foundations-1000-eth-transfer-raises-market-timing-concerns/
