As a seasoned crypto investor with memories of the 2017 bull run still fresh in my mind, I can’t help but feel a mix of emotions upon hearing about the Ethereum Foundation’s latest move. On one hand, it’s reassuring to see such a significant player in the space managing its funds responsibly and potentially capitalizing on market fluctuations. However, as someone who witnessed their earlier sale at the peak, I can’t help but wonder if this could be another sign of a bearish trend lurking around the corner.
Instead of using a decentralized exchange like CowSwap, the Ethereum Foundation, which is a non-profit organization responsible for funding the essential development of Ethereum technology, transferred 100 Ether (ETH) tokens elsewhere. Subsequently, they exchanged these tokens for the DAI stablecoin.
Based on information from the on-chain analysis provider Lookonchain, the Ethereum Foundation has offloaded approximately 4,366 Ether (ETH) this year, amounting to around $12.2 million following its recent sale of $374,000 worth of ETH.
After nearly a month, the #Ethereum Foundation sold 100 $ETH($374K) again.#Ethereum Foundation has sold a total of 4,366 $ETH($12.2M) this year.
— Lookonchain (@lookonchain) December 10, 2024
Currently, Ethereum’s ETH is being traded at approximately $3,640. This represents a decrease of about 5.75% in its value over the last 24 hours, coinciding with a broader cryptocurrency market dip where numerous digital assets have fallen by over 12% during the same timeframe.
As a researcher studying the crypto market, I find it noteworthy that the Ethereum Foundation, in a move that has become legendary, sold their ETH holdings near the peak of the bull market. Specifically, they transferred 20,000 ETH to Kraken, a well-known cryptocurrency exchange, when Ether was trading around its all-time high of approximately $4,900.
Previously, the Foundation transferred 35,000 Ether to Kraken following a recommendation by Ethereum’s co-creator, Vitalik Buterin, who hinted that the crypto market might experience a positive shift.
Data shows that the Ethereum Foundation’s wallet currently still holds $991 million worth of cryptocurrency with Ethereum making up $990.04 million of those holdings, having 269,469 ETH on it. The Foundation also has 214 wrapped Ether (WETH), $94,000 worth of DAI, $100,000 worth of DAI, and $37,000 worth of USDC.
According to information from Arkham Intelligence, this entity is reported to own approximately $32,000 in assets tied to BNB (Binance Coin), valued at around 47.15 billion, as well as roughly $30,000 worth of ARB (Aave). Additionally, it has minor holdings in other assets.
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2024-12-11 02:36