As a long-term Ethereum investor with some experience in the crypto market, I find the recent movement of funds by the Ethereum Foundation concerning. The Foundation’s history of selling large amounts of ETH before significant price drops is well-documented and has left a sour taste in the mouths of many investors.
As an analyst, I’ve noticed that the Ethereum Foundation, which is responsible for financing the development of Ethereum-related technology as a non-profit organization, has recently transferred 1,000 ETH, equivalent to approximately $3 million, to a new digital wallet. This transaction has drawn attention due to the Foundation’s past record of managing its wallet transactions.
As an analyst examining data from SpotOnChain, I’ve discovered that the Ethereum Foundation transferred approximately $3 million in Ethereum (ETH). This transfer increased the existing balance at the designated address by an additional 4,000 ETH, making the total amount held there by the organization.
As a researcher analyzing the data, I’ve discovered that out of the given tokens, 1,766 Ether were sold in exchange for approximately 4.81 million DAI tokens. The average price per Ether during these transactions was around $2,725. It is important to note that these sales frequently occurred before a subsequent price decrease for Ethereum. Currently, the value of the new wallet stands at around 2,508 Ether, equivalent to roughly $7.5 million.
At present, Ethereum is priced at $2,980 in the markets following a significant drop of over 19% within the past month. This decline came after a robust 61.6% increase over the previous year, which coincided with a broader cryptocurrency market boom that pushed Bitcoin‘s value above its all-time high at $73,500.
It’s important to mention that the Ethereum Foundation sold off 20,000 ETH units when the price peaked during the crypto bull market, transferring them to Kraken exchange as Ethereum approached its record high of $4,900 per token.
As a researcher looking back on past events, I can recount that approximately 35,000 ETH were transferred from the Foundation to Kraken. This action was taken following Ethereum’s co-founder Vitalik Buterin’s recommendation that the cryptocurrency market might be poised for a reversal.
As an analyst, I’ve examined the data revealing that the Ethereum Foundation’s wallet presently contains approximately $925 million in total cryptocurrencies. Among these holdings, Ethereum itself comprises around $924.8 million, representing about 309,600 ETH. Additionally, the wallet houses several other cryptocurrencies:
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2024-05-10 03:14